SOURCE: Paragon Financial Limited

Paragon Financial Limited

September 07, 2012 08:20 ET

Melco Crown Entertainment and MGM Resorts Shares Rise as Macau Reports Strong Gaming Revenues in August

The Paragon Report Provides Stock Research on Melco Crown Entertainment and MGM Resorts

NEW YORK, NY--(Marketwire - Sep 7, 2012) - After growing just 1.5 percent in July, the slowest rate in three years, Macau reported gaming revenues in August increased by 5.5 percent. Total revenues of 26.1 billion patacas ($3.3 billion) in August were the second highest total ever seen by Macau casinos. The Market Vectors Gaming ETF (BJK) has rallied nearly 5 percent in the last month. The Paragon Report examines investing opportunities in the Resorts and Casinos Industry and provides equity research on Melco Crown Entertainment Ltd. (NASDAQ: MPEL) and MGM Resorts International (NYSE: MGM).

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Macau in recent years has emerged as the world's largest gambling center. Last year Macau's casino revenues soared 42 percent to $33.5 million, which was more than five times the revenue earned on the Las Vegas Strip. During the first eight months of the year revenues have increased 15 percent over 2011. Despite the current state of the global economy Stern Agee expects China's gambling mecca to continue to grow.

"We believe the (Chinese) government will continue to approve projects under its five-year plan, with local governments initiating multiyear investment projects to sustain and propel growth," Sterne Agee analyst David Bain said in the report.

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Melco Crown Entertainment is an owner and developer of casino gaming and entertainment resort facilities that are focused on the rapidly expanding gaming market found in Macau. Net revenue for the second quarter of 2012 was $938.5 million, representing a decrease of approximately 2% from $960.0 million for the comparable period in 2011.

MGM Resorts International is one of the world's leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. MGM China earned net revenues of $709 million, a 6 percent increase over the prior year quarter.

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