SOURCE: Paragon Financial Limited

Paragon Financial Limited

November 29, 2011 08:16 ET

Slowing Chinese Economy Fails to Rattle Growth for Las Vegas Sands and Melco Crown Entertainment

Paragon Report Provides Equity Research on Las Vegas Sands & Melco Crown Entertainment

NEW YORK, NY--(Marketwire - Nov 29, 2011) - Although China's economy has shown signs of slowing in recent months, gaming in the tiny Island of Macau continues to post record growth. Macau, currently the only Chinese city with legalized gambling has witnessed tremendous revenue improvement in the last few years. Macau's Gaming Inspection and Coordination Bureau reported earlier this month that gambling revenue on the small island broke a new record in October rising 42 percent on the year to 26.9 billion patacas. The Paragon Report examines the outlook for 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:

Fitch Ratings recently issued a release stating it sees no evidence that tighter credit conditions and slowing growth in China are pressuring Macau gaming demand. "As yet, major casino operators such as LVS, Wynn, and SJM have indicated that no evidence exists to support the view that visitation levels, spending patterns, or collections are being eroded in any material way," Fitch states.

The agency says some smaller, less liquid junket operators are potentially feeling pressure from reduced credit availability on the mainland. However larger players "have apparently not been affected as yet."

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Las Vegas Sands owns, develops, and operates various integrated resort properties primarily in the United States, Macau, and Singapore. Sands China reported an 11.1% year-over-year growth in revenues to $1.20 billion during the quarter. Revenues increased 11.0% year over year to $689.2 million at The Venetian Macau, while Sands Macau earned revenues of $307.4 million, up 6.7%. Moreover, revenues at the Four Seasons Hotel Macau and Plaza Casino jumped 5.4% to $169.1 million.

Melco Crown Entertainment Limited engages in the development, ownership, and operation of casino gaming and entertainment resort facilities primarily in Macau. The company posted third quarter net income of $113.3 million, or 21 cents per American depositary share, compared with $15.8 million, or 3 cents per share a year ago. Revenue grew 45 percent to $1.06 billion from $727 million a year ago. Most of the increase was due to a 44 percent rise in casino revenue, which grew to $1.02 billion.

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