Macau Casino Investors on the RiseBy: Harper Whitefield
Investors in Macau casino properties were a hot pick at the stock exchange during the first trading day of 2010. This after a report showed a 48% rise in monthly gambling revenues at China”s only place for legalized gambling. Casino operators such as MGM Mirage and Las Vegas Sands Corp. all have invested heavily in the “Vegas of the East”.
While casinos are struggling to keep their Vegas operations profitable, Macau looks like the solution to keep revenues up. While Americans have cut back on their gambling budgets, visiting Vegas less often and for shorter stays, the Asian consumers are finding their way to the casino tables.
MGM opened the MGM Grand Macau in December 2007, as the company tries to spread its risk across different markets. The Macau based casino was built in a 50/50 deal with Pansy Ho Chiu-king.
Las Vegas Sands Corp. owns two properties in the Chinese enclave, being the Venetian Macao Resort and the Sands Macao.