Macau gains offset Vegas downturn
8th April, 2008
In sharp contrast to the downturn experienced in Las Vegas, casino revenues in Macau have gathered pace over the past quarter, the Macau Daily Times has reported.
According to the newspaper the US economic slowdown has taken a hit on Sin City expenditure, with the newspaper reporting 11 per cent year-on-year falls in room rates in 2008 Q1.
Casino takings in January 2008 also took a nosedive on the previous year's figures, coming in at five per cent lower than they had in 2007 to reach marginally above $1 billion (£500 million).
But the trend appears not to have been mirrored in the Chinese casino gambling exclave of Macau, where gaming revenues rose by a massive 60 per cent over the same period.
The Macau Daily Times noted that Citi Investment Research Analyst Joshua Attie recently lowered his share price target on Las Vegas Sands Corporation from $102 to $90.
He had previously cut his price target for another Las Vegas powerhouse, Wynn Resorts Ltd, citing lower land value estimates.
Casino Alerts is the site to visit for casino bonuses, online casino reviews and casino news
By Chris M
