Las Vegas Sands and Wynn Resorts - Shining Stars in Macau
Paragon Report Provides Equity Research on Las Vegas Sands & Wynn Resorts
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/08/11 -- The Paragon Report examines the outlook for the Resorts and Casinos Industry and provides equity research on Las Vegas Sands Corporation (NYSE: LVS) and Wynn Resorts Limited (NASDAQ: WYNN). Access to the full company reports can be found at:
Despite the current economic downturn in the US, Resorts and Casinos with operations in Macau are continuing to post record results. Cash-rich mainland gamblers, who contribute the bulk of earnings in Macau, have helped the tiny island maintain stellar gaming revenue since the start of the year. Macau's Gaming Inspection and Coordination Bureau reported last week that Gambling revenues in Macau continue to increase at an incredible rate, with year-over-year revenues up 57% in August of 2011. Gambling revenue totaled $3.09 billion in August, despite losses in financial markets around the world.
Macau, a major market for casino operators including Sands China Ltd and Wynn Macau Ltd, is likely to post full-year revenue more than five times higher than that of rival Las Vegas. After months of positive revenue growth, RBS analyst Philip Tulk said he is raising his brokerage house's estimate for Macau's 2011 gambling revenue by 6 percent to $34.1 billion, which would imply year-to-year growth of approximately 45 percent.
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Wynn Resorts said stronger gambling business in Asia helped the company more than double its second-quarter net income. On an adjusted basis, knocking out special charges, the company would have earned $1.60 a share, up from 52 cents. Revenue jumped to $1.37 billion from $1.03 billion.
Las Vegas Sands recorded adjusted earnings of 54 cents per share in the second quarter of 2011, beating the year-ago quarter earnings of 17 cents a share. Sands China reported a 16.3% year-over-year growth in revenues to $1.21 billion during the quarter.
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Datum: 08.09.2011 - 12:16 Uhr
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