Skip to main content

Casino stocks rally after report Macau gaming market posted 'noticeable pickup'

[ad_1]


Several casino stocks received a lift Tuesday after a report from Nomura suggested the Macau gaming market showed a "noticeable pickup in demand" in the last part of October.



In early afternoon trading, Wynn Resorts stock was up just over 5.5 percent, Las Vegas Sands was up 2.8 percent, and MGM was ahead just over 2 percent.



"Our latest consultant checks point to a noticeable pickup in demand following the 19th Party Congress in China, with VIP and mass revenue up about 30 percent and 9 percent year-over-year, respectively," Nomura analyst Harry Curtis said in a research note Tuesday.




Macau, the world's largest gambling mecca, appears to have been spared any harsh new regulations during the recent Communist Party Congress in Beijing. A previous downturn in Macau was blamed on the Beijing government's corruption crackdown on the junket business, the specialists that bring in the high-value Chinese gamblers to the Macau casinos.



Given "strength in the last 10 days of October," Nomura said it lifted the firm's Macau gross gaming revenue estimate to a range of 19 percent to 21 percent growth for October on a year-over-year basis. A Consensus Metrix survey showed the Street was forecasting Macau's October GGR would increase by 15.9 percent on a year-over-year basis.



Macau posted 16.1 percent year-over-year growth in casino GGR during September.



According to Nomura, Macau's October GGR has typically risen between 12 and 13 percent sequentially from September, which it said would indicate 13 to 14 percent growth on a year-over-year basis.



"However, post-Golden Week demand this year has trended much … better than expected," Nomura said. China's National Day began on Oct. 1, but the week-long celebration that followed is known as "Golden Week" and is a popular time for Chinese to travel to Macau and other destinations.



Meantime, the Nevada Gaming Control Board on Tuesday reported that Nevada casinos won nearly $980 million in September, a 3 percent increase from the same month a year ago.



The Las Vegas Strip posted even stronger gains just before the deadly shooting on Oct. 1. The Nevada state agency said the Las Vegas Strip casinos collected $567.9 million in September, up 4.7 percent from September 2016. Still, the September tally was below the double-digit percentage growth achieved in August — a month lifted by the Floyd Mayweather Jr. and Conor McGregor super-welterweight fight.



Las Vegas Strip casinos accounted for 58 percent of the state's gambling revenue in September.





[ad_2]

Share & Written By CNBC

Comments

Post a Comment

Popular posts from this blog

Ice technicians are the secret stars of the Winter Olympics

[ad_1] The emphasis of this year's two-week-long Winter Olympic Games has been placed squarely on the Olympians themselves. After all, the stated purpose of the international competition is to bring together the world’s greatest athletes in a nail-biting competition across fifteen different winter sports. But before the curlers, skiers, and skaters even arrived in Pyeongchang, South Korea, the Olympians of the ice technician world were already a few weeks deep in a competition of their own. Mark Callan of the World Curling Federation and Markus Aschauer of the International Bobsleigh and Skeleton Federation both say they’re hoping to make the best ice the Winter Olympics have ever seen. To transform the barren concrete jungle of existing tracks and arenas into an ice- and snow-covered wonderland is an enormous undertaking. And it takes a keen understanding of the physics and chemistry that keeps frozen precipitation pristine. Curling Callan has been making and maintaining ic...
Post a Comment
Read more

Humans flourished through a supervolcano eruption 74,000 years ago (so you can make it through Tuesday)

[ad_1] About 74,000 years ago, a large chunk of a Pacific island exploded. It sent ash and other debris around the world, including to the southern tip of Africa, where it would be found by a team of international scientists and entered as the latest data point in one of the hottest debates in paleoanthropology ( I know ): Did the Toba supervolcano thrust our planet into a 1,000-year volcanic winter, thus bottle-necking animals and plants alike? Or was it just a little blip on our historic radar? That’s the contentious arena into which our intrepid researchers venture, this time with a new study in Nature establishing that humans in modern-day South Africa not only survived, but flourished after the Toba eruption. Where once was (we think, maybe) a mountain, there is now a huge caldera with a lake inside, and an island inside that. Their evidence shows that debris from the explosion landed 9,000 kilometers (5592.3 miles) away, the farthest distance traveled ever recorded for the ...
Post a Comment
Read more

These 1950s experiments showed us the trauma of parent-child separation. Now experts say they're too unethical to repeat—even on monkeys.

[ad_1] John Gluck’s excitement about studying parent-child separation quickly soured. He’d been thrilled to arrive at the University of Wisconsin at Madison in the late 1960s, his spot in the lab of renowned behavioral psychologist Harry Harlow secure. Harlow had cemented his legacy more than a decade earlier when his experiments showed the devastating effects of broken parent-child bonds in rhesus monkeys. As a graduate student researcher, Gluck would use Harlow’s monkey colony to study the impact of such disruption on intellectual ability. Gluck found academic success, and stayed in touch with Harlow long after graduation. His mentor even sent Gluck monkeys to use in his own laboratory. But in the three years Gluck spent with Harlow—and the subsequent three decades he spent as a leading animal researcher in his own right—his concern for the well-being of his former test subjects overshadowed his enthusiasm for animal research. Separating parent and child,...
Post a Comment
Read more