Galaxy Entertainment Group Limited (GXYEF)

[joelipp]

Macau Casino Revenue May Grow 42% This Month, CLSA Forecasts

By Frank Longid - Jul 15, 2011 1:25 AM ET .

Macau casino gambling revenue may rise 42 percent this month, boosted by the opening of a resort by Galaxy Entertainment Group Ltd. (27), according to CLSA Asia- Pacific Markets.

Revenue from gambling tables at the former Portuguese colony’s six casino operators reached 7.5 billion patacas ($934 million) in the first 10 days of the month, Aaron Fischer, the brokerage’s head of consumer and gaming research, said in a note to clients today. That would imply a full-month figure of 23 billion patacas, including slot machines, 42 percent more than a year ago and 12 percent higher than last month, he said.

Macau casino companies including Billionaire Stanley Ho’s SJM Holdings Ltd. (880) and Sheldon Adelson’s Sands China Ltd. (1928) have benefited from rising tourism. The Chinese city’s casino operators’ total gambling revenue last year grew 58 percent to 188 billion patacas, about four times that of the Las Vegas Strip. It’s up 45 percent to 124 billion patacas in the first six months of the year, according to government data.

Galaxy, part-owned by Permira Advisers LLP, in May opened its HK$15.5 billion ($2 billion) Galaxy Macau, with 450 tables, on the Cotai Strip, where Adelson has said he aimed to replicate the theme resorts of Las Vegas.