SOURCE: The Bedford Report

The Bedford Report

February 18, 2011 11:25 ET

Casino Operators Optimistic on Las Vegas' Future

The Bedford Report Provides Analyst Research on MGM Resorts and Wynn Resorts

NEW YORK, NY--(Marketwire - February 18, 2011) - This earnings season resorts and casinos with a heavy presence in Macau faced significant pressure to put up strong numbers. Macau surpassed the Las Vegas Strip as the world's gambling core in 2006 after the government allowed overseas casino operators to enter the region. The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides research reports on MGM Resorts International (NYSE: MGM) and Wynn Resorts Ltd. (NASDAQ: WYNN). Access to the full company reports can be found at:

According to Macau's tourism agency, visitor arrivals in the gaming hotbed rose 15 percent to 22.7 million in the first 11 months of 2010. These numbers are only likely to improve going forward as the Macau-China border gate is set to expand its capacity to more than double its current size for the Chinese New Year, leading more gamers into the tiny region. In fact, CLSA Ltd projects that Macau gaming revenues could surge 30 percent to $30 billion this year as visitors from mainland China increase.

The Bedford Report releases regular market updates on the Resorts and Casinos Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

Earlier this month Wynn Resorts posted fourth-quarter adjusted earnings of 91 cents per share, easily beating the year-earlier earnings of 8 cents. Net revenue at Wynn Macau was $912.1 million, up 79.4% year over year. Wynn even posted impressive gains in Las Vegas. Overall Vegas revenues stood at $325.1 million for the quarter, up 8 percent year-on-year, while gambling revenues grew 16 percent to $139.2 million.

This week the largest casino operator on the Las Vegas strip, MGM, reported a loss of $139 million, or 29 cents a share, for the fourth quarter, compared with a loss of $433.9 million, or 98 cents a share, a year earlier. MGM Chief Executive Officer Jim Murren sounded confident that Las Vegas' fortunes are turning around, claiming, "The recovery that has been long awaited and frustrating in its timing is gaining momentum." In 2010 industry wide casino revenue on the Strip rose a modest 4.1 percent.

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