Hong Kong Casino Shares Jump as Macau’s Gaming Revenue Surges

http://www.fxfxfx.com 2010-02-02 16:36:03

Melco International Development Ltd., controlled by billionaire Stanley Ho’s son, Lawrence, led Hong Kong-listed casino operators higher after a report said casino revenue in the world’s biggest gambling hub hit a monthly record in January.

Melco International advanced as much as 7.3 percent while Sands China Ltd., billionaire Sheldon Adelson’s Macau casino operator, rose as much as 5.2 percent. Wynn Macau Ltd., the local unit of Wynn Resorts Ltd., climbed 3.8 percent to HK$9.77, as of 10:53 a.m. local time.

Casino revenue in Macau increased almost 65 percent to a monthly record of 14 billion patacas ($1.75 billion) in January from a year ago, beating the 12.6 billion patacas recorded for October 2009, according to Portuguese news agency Lusa. A new daily record of more than 800 million patacas was also reached in January, Lusa said, citing data from the casino operators. Macau is the only place in China where casinos are legal.

Galaxy Entertainment Group Ltd., part owned by Permira Advisers LLP, gained 2.7 percent to HK$3.04. SJM Holdings Ltd., Stanley Ho’s casino holding company, advanced 5 percent to HK$4.02.

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