Hong Kong Gambling Stocks Jump on Macau Casino Performance

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Gambling revenues in the Asian gaming mecca of Macau reported a return to substantial growth Wednesday, leading casino stocks on the Hong Kong market to rise in value. Total revenue for Macau gambling rose 59 percent over the same month of the previous year, according to reports by Portuguese news outlet Lusa.

The news caused Sands China, the Macau arm of Las Vegas Sands, to increase five percent in value, while Wynn Macau rose 7.3 percent. Both companies were created by initial public offerings held by their parent companies this year to raise operating and expansion funding.

The total casino revenue reported by Macau operations equalled $1.55 billion in November.

Stanley Ho's casinos also made major gains. Ho's operating company, SJM Holdings, rose five percent in value on the day. Ho controlled the gambling monopoly in Macau until a decision by the ruling Chinese government to open gaming to competition in 2002.

The revival of gaming's good fortune in Macau may be due both to an easing by the Chinese government on visa restrictions limiting play by Chinese natives, and signs that the recession has bottomed out.

Sands China had stumbled the day before, its first day on the Hong Kong market. But the 10 percent decline may be erased as quickly as it occurred, if December's gaming news is as positive as the previous month.

December 3, 2009
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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