NEW YORK (
Las Vegas Sands
is surging as its Asian operations show promise.
The casino operator announced on Thursday that it has partnered with
to open clubs in Macau. Playboy Club Macao will open by the end of the year, while a 30,000 square-foot Playboy Mansion Macao is slated to open in the first quarter of 2012.
Las Vegas Sands is also seeing some encouraging signs in Singapore, where the first part of its Marina Bay Sands casino opened on April 27. The grand opening is scheduled for June 23.
According to J.P. Morgan analyst Joseph Greff, the casino so far in May is averaging about $3.6 million a day in casino revenues. This implies $1.3 billion annually for Las Vegas Sands. "We view this as incredibly strong out of the gates," he wrote in a note. "We think this speaks to the attractiveness of a duopolistic gaming market."
Shares of Las Vegas Sands are spiking 7.3% to $23.21 in morning trading. Over the past month Sands' stock has pulled back about 17%, mostly due to macro-economic concerns rather than company-specific news, Greff said.
Elsewhere in the casino sector,
is soaring 6.8% to $12.49,
is advancing 6% to $83.40,
is gaining 4.7% to $13.06 and
Isle of Capri Casinos
is rallying 4.2% to $9.59.
-- Reported by Jeanine Poggi in New York.
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