Media/Entertainment
Melco and other Macau casino operators are being squeezed on the expense side, where commissions to junket tour operators are rising. The increase is largely because Las Vegas Sands(LVS) is paying heftily to protect its market share at its Sands Macau resort and to ensure success at its Venetian Macau casino, which opens in August.
While Melco will also use junkets, the company is hoping to avoid some of this margin pressure by targeting high-rollers directly through the VIP database at Crown Casino in Melbourne, Australia. Melco PBL is a joint venture between Hong Kong-based Melco International Development and Australia's Publishing and Broadcasting, which owns the Crown Casino in Melbourne. Tang, the Deutsche Bank analyst, downgraded Melco International (the Hong Kong-listed stock) from buy to hold in her note Monday. Melco PBL shares, which trade on the Nasdaq, fell $1.01 to 15.56 in afternoon trading Monday.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
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DOWN
26.41 |
DOWN
2.99 |
DOWN
10.02 |
DOWN
0.44 |
10 Yr
1.58%
SPDR Gold
151.62
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-0.21%
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-0.23%
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-0.35%
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-2.71%
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Data delayed 20 minutes |
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