Macau continues recovery as high stakes gamers return to the table
Macau’s gaming revenues hit a three-year high in October, as VIP gamers returned to the tables. Regulators may be pushing for increased oversight of the casino industry, but that doesn’t seem to have put big-money players off. The VIP segment grew 36% year on year into November, which drove a 22% increase in Macua’s overall gross gaming revenue. Even better, according to Alvin Chau, founder and chairman of Macau’s biggest junket operator, Suncity Group, tighter regulations won’t impact the valuable growth that VIP gamers offer.
This is certainly cause for investors in Las Vegas Sands to celebrate, although the company has been focusing on celebrations of its own in recent weeks. The company’s famous Venetian Macau recently celebrated its tenth year anniversary – although chairman Sheldon Adelson couldn’t make the event due to injuries sustained in a fall. The company says it expects him to make a full recovery, and that he will be back for 2018. It also used the run up to the event to highlight a 13% increase in profit over the third quarter, and issue a positive outlook for the fourth quarter.
Las Vegas Sands share price has appreciated by 27% so far this year
SOURCE: Yahoo Finance
Las Vegas Sands China president, Wilfred Wong, said he sees a bright few months on the company’s horizon:
"October was very strong. Hopefully for this year, with only two months to go, we can continue the growth trend. The economy and finance secretary also said that he expects that this year is going to pan out well."
Dominion holds Las Vegas Sands in its Global Trends Luxury Fund.
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