Sands, Wynn shares get Macau boost

Las Vegas Sands Corp. and Wynn Resorts Ltd. shares rose in active trading Monday after Macau gaming officials announced casino revenues jumped 50 percent to a record in October, boosted in part by China’s Golden Week holiday.

Las Vegas Sands gained $1.35, or 2.9 percent, to close at $47.23 on heavy volume of 34.37 million shares traded on the New York Stock Exchange. On the Nasdaq market, Wynn Resorts shares climbed $2.10, or 1.96 percent, to close at $109.26 on moderate volume of 2.25 million shares traded.

Total gambling revenue for casino operators in the former Portuguese colony increased to $2.4 billion last month from $1.6 billion a year earlier, according to figures released Monday by Macau’s Gaming Inspection and Coordination Bureau.

On a year-to-date basis, gaming revenues in Macau are up nearly 60 percent, Bill Lerner, an analyst with Las Vegas-based Union Gaming Group LLC, said in a research note.

“It’s encouraging to see monthly growth of this magnitude,” Lerner said. “We believe the profit story for Macau concessionaires over the next year could be significantly higher than current expectations.”

He also said the numbers were impressive because of the “remarkably limited new supply” of facilities through 2013. The research note also found Golden Week visitation to Macau increased 13 percent year over year, with about 70 percent of visitation coming from mainland China.

Golden Week combines Chinese Spring Festival and National Day and fell Oct. 1-7 this year.

The revenue figures from Macau were released a day before Wynn Resorts was scheduled to release its third-quarter earnings. In the second quarter of 2010, Wynn Resorts reported total revenues of $1.03 billion, or 52 cents per share.

Revenues were helped last quarter by a 74.1 percent revenue surge from Macau to $714.4 million from $410.4 million last year.

Analysts surveyed by Yahoo Finance expect Wynn Resorts to report third-quarter revenues today of $990.8 million, or 39 cents per share, compared with $773.07 million, or 33 cents per share, for the same period a year ago.

Las Vegas Sands on Oct. 27 reported third-quarter revenues of $1.91 billion, an increase of 67.3 percent compared with $1.14 billion in the third quarter of 2009. Sands China Ltd., a subsidiary of Las Vegas Sands, owns and operates three resorts in Macau.

The company’s net income for the third quarter was $168 million, or 21 cents per share, compared to a loss of $123 million, or 19 cents per share, for the same period a year ago.

Shares of MGM Resorts International, which owns and operates MGM Macau, lost 1 cent, or 0.09 percent, to close Monday at $10.92 on average volume of 20.1 million shares traded on the NYSE. Las Vegas-based MGM Resorts is scheduled to announce its third-quarter earnings on Wednesday.

In a preliminary report released Oct. 12, the company said MGM Macau is expected to earn operating income of $61 million in the third quarter of 2010, including a depreciation expense of $22 million, compared with operating income of $50 million for the same period last year. The 2009 third-quarter earnings included a depreciation expense of $23 million.

Overall, MGM Resorts expects to report a loss of 72 cents per share, on net revenue of $1.56 billion, in the third quarter, compared with a loss of $1.70 per share, on net revenue of $1.5 billion, for the same period last year.

Macau, the territory off Hong Kong, became the world’s biggest gambling location in terms of revenue in 2006, topping Las Vegas.

Contact reporter Chris Sieroty at
csieroty@reviewjournal.com or 702-477-3893.

ad-high_impact_4
Business
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like