NEW YORK, NY -- (Marketwire) -- 11/11/11 -- Not long ago, the health of the casino and resorts industry was centered on the success of Las Vegas properties. While certainly still important, Las Vegas has taken a back seat to the exploding gaming markets of Macau and to a lesser extent, Singapore. Additionally, the non-Vegas domestic market is also performing relatively well, considering the current status of the economic recovery within the US. The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides equity research on Las Vegas Sands Corporation (NYSE: LVS) and Melco Crown Entertainment Ltd. (NASDAQ: MPEL). Access to the full company reports can be found at:
Macau, currently the only Chinese city with legalized gambling has witnessed tremendous growth in the last few years. Macau's Gaming Inspection and Coordination Bureau reported earlier this month that gambling revenue on the small island jumped 39 percent to 21.2 billion patacas ($2.6 billion) in September, reflecting continued growth in the world's largest gambling market despite plunging casino stocks. September's revenue figure was expected to fall short of August's record $3.1 billion due to seasonal factors.
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Las Vegas Sands Corp. has had success in the Macau region and its upcoming Sands Cotai Central resort project is very promising. The massive resort and casino is scheduled to open in the spring of 2012. LVS posted adjusted earnings of 55 cents per share in the third quarter of 2011, beating the year-ago quarter earnings of 34 cents.
Revenues from the company's Las Vegas operations, which consist of The Venetian Las Vegas and The Palazzo, grew an impressive 18 percent year over year to $332.5 million. The company's Las Vegas business is improving as it continues to focus on cash revenues to drive visits and is significantly cutting back on compensation allotment and other promotions.
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