NEW YORK, NY -- (Marketwire) -- 01/31/12 -- Gaming stocks have been on the upswing of late. The Market Vectors Gaming ETF (BJK) is up more than 10 percent this month as the health of the U.S. economy shows signs of improvement while continued growth in emerging markets drives casinos industry. The Paragon Report examines the outlook for the Resorts and Casinos Industry and provides equity research on Melco Crown Entertainment Ltd. (NASDAQ: MPEL) and Wynn Resorts Limited (NASDAQ: WYNN). Access to the full company reports can be found at:
According to The Wall Street Journal, most U.S. casino operators have posted stronger results over the past year as the number of visitors visiting Las Vegas gradually improves. Gaming operators with casinos in the Chinese enclave of Macau are seeing a windfall from highly lucrative VIP visits, which account for nearly 75% of all gambling revenue in the city, The Journal reports.
Government officials in Macau have increased support for the development of Macau's gaming industry by stimulating growth in non-gaming areas such as conferences and exhibitions, hotels, retail, and food and beverage segments, pledging to support development in these areas, Reuters reports.
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Analyst Grant Govertsen at Union Gaming, based in Las Vegas and Macau, believes that Macau's revenues may break the October record of 26.9 billion patacas ($3.4 billion) this month. Table occupancy in Macau's casinos has been "very high" since the Chinese Lunar New Year holiday started on Jan. 23 and visits are expected to continue to grow through to the end of this month, Govertsen wrote in a research report.
Shares of Melco Crown Entertainment, a casino venture between billionaires Stanley Ho and James Packer, have surged more than 20 percent this month. Melco Crown Entertainment Limited (MPEL) is a developer, owner andoperator of casino gaming and entertainment resort facilities focused on the Macau market. Melco Crown Gaming is licensed, through concessions or subconcessions, to operate casinos in Macau.
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