Casino Stock Winners: Macau Gaming
(Macau article updated with market share breakdown.)
NEW YORK (
) -- Macau gaming revenue hit a record high in October, receiving a boost from China's Golden Week holiday.
During the month, revenue soared 50% to $2.4 billion, which puts Macau on track to beat full-year estimates. The news sent up shares of casino stocks in premarket trading.
J.P. Morgan analyst Joseph Greff estimates table market share for the month came in as follow for the major players:
SJM
, 33.3%;
Las Vegas Sands
(LVS) - Get Report
, 18.6%;
Wynn Resorts
(WYNN) - Get Report
, 13.5%;
Melco Crown Entertainment
(MPEL)
, 14%;
Galaxy
, 10.1%; and 10.5% for others, which includes
MGM Resorts
(MGM) - Get Report
.
The Chinese enclave has been a source of growth for casino companies that have suffered domestically amid the recession.
For Las Vegas Sands, its Macau properties led the company to report blow-out third quarter earnings last week, and
boosted the stock to a new two-year high
.
Rival Wynn Resorts, which also has a strong presence in Macau, is on deck to report its third-quarter results on Tuesday. Analysts are forecasting a profit of 39 cents to $990.8 million.
Despite October's record results, comparisons continue to get tougher for the remainder of the year, with revenue up 62% in November 2009 and 48% in December 2009.
Shares of Las Vegas Sands are rising 1% before the bell to $46.34, Wynn is up 1.7% to $109 and MGM Resorts is gaining 0.6% to $11.
-- Written by Jeanine Poggi in New York.
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