Macau gaming revenues down 8.5 percent in April
As some of the biggest gaming companies prepare to release first quarter revenue reports, word came from Macau this morning that the global recession continues to impact the Chinese gambling market.
Portuguese-language media is reporting that Macau gaming revenues in April decreased 8.5 percent to just above $1 billion.
In March, Macau gaming revenues fell 13 percent. For the first four months of 2009, Macau gaming revenues are down 12 percent.
April gaming revenues will not be part of the results released this week, which cover January through March.
Still, investors and analysts are more interested in what casino company executives have to say about revenues projections through spring and summer, rather than results from previous months.
MGM Mirage, which operates the MGM Grand Macau, reports earnings today. Las Vegas Sands Corp. and Wynn Resorts, which also have significant Macau gaming holdings, report earnings Tuesday.
Macau media said the casinos operated by Hong Kong billionaire Stanley Ho continue to be the market share leader with 31 percent of all gaming revenues. Las Vegas Sands has the second-largest market share with 26 percent while Wynn controls 13.5 percent of the market. The MGM Grand Macau has the lowest percentage of the market, just 8 percent.
