Macau’s latest gaming revenue increase indicates the market may be on its way to a recovery, new reports suggest gaming revenue climbed 53 percent in the Chinese enclave in September — the third straight monthly increase.

The news is encouraging for casino operators that have properties there, which include Las Vegas Sands Corp., MGM Mirage, Wynn Resorts Ltd. and Melco Crown Entertainment Ltd. Macau is the only place in China where gambling is legal.

Janet Brashear of Bernstein research said in a client note that the September performance is “an unequivocal statement that Macau is back.”

She maintained “Market Perform” ratings on MGM and Wynn and kept an “Outperform” rating for the Sheldon Adelson-led Las Vegas Sands.

Both Brashear and JPMorgan’s Joseph Greff said easing visa restrictions have helped Macau’s gaming revenue results. Greff predicts the limitations may be relaxed even further as the 10-year anniversary of Macau being returned to China and new Chief Executive Fernando Chui’s inauguration draw closer.

Greff anticipates strong October results from Macau, saying the eight-day Golden Week holiday will likely raise traffic levels.

Shares of Las Vegas Sands fell 52 cents, or 3.1 percent, to $16.32 in morning trading as the broader market declined on a disappointing manufacturing report. Wynn’s stock dropped $2.78, or 3.9 percent, to $68.11, while shares of MGM Mirage, which billionaire Kirk Kerkorian has a significant stake in, slipped 71 cents, or 5.9 percent, to $11.33. Melco’s stock shed 20 cents, or 2.9 percent, to $6.76.

Courtesy. San Francisco Examiner

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