Bloomberg News

Melco Leads Casino Stocks’ Gains as Macau Gaming Revenue Rises

April 07, 2010

Melco International Development Ltd. (200), controlled by billionaire Stanley Ho’s son Lawrence, led gains in gaming stocks in Hong Kong as Macau’s revenue at its casinos rose 57 percent in the first quarter.

Melco rose 7.4 percent to HK$3.78 at the midday trading break in Hong Kong, the biggest advance since Jan. 28. Galaxy Entertainment Group Ltd. (27), part-owned by Permira Advisers LLP, climbed 6.1 percent to HK$3.82, the most since March 17. The Hang Seng Index (HSI) added 1.5 percent.

Gaming revenue in Macau rose to 40.9 billion patacas ($5.1 billion) in the first-quarter, the Chinese-language Macau Daily News reported April 2, citing sources it didn’t name. Casino revenue in March rose 42 percent to 13.6 billion patacas, according to the report.

SJM Holdings Ltd. (880), the casino operator with the biggest market share in Macau, rose 2.4 percent to HK$5.23 at the break. Sands China Ltd. (1928), Asia’s biggest listed casino operator, gained 5 percent to HK$13.40.

To contact the reporter on this story: Wing-Gar Cheng in Hong Kong at wgcheng@bloomberg.net

To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net


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