SOURCE: The Bedford Report

The Bedford Report

June 28, 2011 08:16 ET

Overcrowded Macau Market Forces Casino Operators to Look Elsewhere for Growth

The Bedford Report Provides Equity Research on Las Vegas Sands and Melco Crown Entertainment

NEW YORK, NY--(Marketwire - Jun 28, 2011) - Shares of casinos with a heavy presence in Macau have posted mixed results of late. While the small island remains the world's top gambling destination, competition between Macau casino operators has grown at a rapid pace. The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides stock analysis on Las Vegas Sands Corporation (NYSE: LVS) and Melco Crown Entertainment Ltd. (NASDAQ: MPEL). Access to the full company reports can be found at:

The American Gaming Association (AGA) says that it expects the island of Macau to post 40 percent year-on-year growth in gross gaming revenues this year. AGA says this is because Macau boasts the highest concentration of casinos anywhere in the world -- leading to more competition. Earlier this year, Galaxy Entertainment opened its Cotai resort, which welcomed over 20,000 guests within its first 90 minutes after its doors opened.

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Melco Crown Entertainment recently announced that it will pay $360 million for a controlling stake in a new gaming resort in Macau -- the company's second resort in the Asian gaming hub. Melco Crown will spend $1.7 billion developing the 2,000-room resort, with construction starting as early as next year to meet a 2015 completion date, group chief executive Lawrence Ho said.

Las Vegas Sands CEO Sheldon Adelson says that Macau is "ramped up, but the entire universe of its market continues to grow." The company looks to make its mark in other regions of Asia where competition has yet to step in. Sands spokesman Ron Reese says that Japan, Korea, Taiwan and Vietnam are among the destinations Las Vegas Sands is considering.

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