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Casino shares up after CE’s speech

17/03/2010 10:31:00
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Shares in Macau’s United States casino operators registered a rise after Chief Executive Fernando Chui Sai On’s maiden Policy Address was announced on Tuesday.
Since Chui Sai On did not introduce any specific caps on numbers of tables or slot machines, Las Vegas Sands stock jumped 7.33 percent, closing at USD 20.06 – the first time in a while that the company’s stock has surpassed the USD 20 mark.
MGM Mirage closed at USD 12.30, up 8.08 percent, while Wynn Resorts stock increased 4.48 percent, finishing at USD 73.63.
Chui Sai On pledged his government would control the size and growth rate of the city’s booming gaming industry. However, the new Government’s leader did not announce any specific cap.
“We still believe the government will do little in terms of specific measures to curtail... [it is] unlikely we will see dramatic shifts initially,” David Bain, analyst at Sterne Agee said.
Meanwhile, Credit Suisse analyst Gabriel Chan said he expects Macau’s strong gross gaming revenue growth will offset any concerns about China tightening credit or its new hands-on approach to gaming.
Beijing will only be able to adopt limited measures to slow Macau’s gaming growth, he wrote in a client note.

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