S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Casinos & Hotels

MGM Wins Approval for New Macau Casino

Photo of Paul Ausick
By Paul Ausick Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

200325572-001
Thinkstock
The Hong Kong-based subsidiary of MGM Resorts International Inc. (NYSE: MGM) has received approval from the government of Macau to build a second casino and hotel on the Chinese-controlled island’s Cotai Strip. MGM expects to spend $2.5 billion on a 1,600-room hotel, gambling area and retail and entertainment space at the location.

MGM posted a larger-than-expected loss in the previous quarter and is expected to post another loss in its fourth quarter. The second casino, which still needs a permit before construction begins, will not be completed for about three years once construction starts.

Competitors Las Vegas Sands Corp. (NYSE: LVS), Wynn Resorts Ltd. (NASDAQ: WYNN) and Monarch Casino and Resort Inc. (NASDAQ: MCRI), along with MGM, got a share price boost last week on reports that Macau revenues totaled $35 billion last year, a rise of about 14% from 2011. Macau’s revenues are expected to rise 5% to 10% this year following new restrictions by the Chinese government. In 2010, Macau’s casino revenues leaped 42% from the previous year. Those days are long gone it seems.

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

A 70-Year-Old With $1.4 Million Faces a $62,000 RMD That Pushes Him Into a Higher Tax Bracket
Drew Wood |

A 70-Year-Old With $1.4 Million Faces a $62,000 RMD That Pushes Him Into a Higher Tax Bracket
A Couple's $1.2 Million Portfolio Faces a 3.9% Withdrawal Rate That Feels Safe but Is Not
Drew Wood |

A Couple's $1.2 Million Portfolio Faces a 3.9% Withdrawal Rate That Feels Safe but Is Not

Continue Reading

Paul Ausick |

Casino Stocks Hammered by Drop in Macau Revenues

ThinkstockGambling revenue growth on the Chinese island of Macau fell to its lowest level in 15 months in January, rising…
Chris Lange |

WIll Wynn Resorts Ever Get Earnings Right?

ThinkstockWynn Resorts Ltd. (NASDAQ: WYNN) released its third quarter earnings after markets closed on Thursday. The company had $0.86 in…
Paul Ausick |

New Macau Project Lifts Casino Shares

ThinkstockThe former Portuguese colony of Macau generates about six times the gambling revenue of Las Vegas and now a Macau-based…
Chris Lange |

Will Wynn Investors Dislike Earnings or the Dividend Cut More?

ThinkstockWynn Resorts Ltd. (NASDAQ: WYNN) reported its first-quarter earnings after the markets closed Tuesday. The company had $0.70 in earnings…
Paul Ausick |

Fewer High Rollers Costs MGM Resorts

ThinkstockShares of MGM Resorts International (NYSE: MGM) dropped this morning after the company reported a larger-than-expected loss in the third…
Paul Ausick |

Casino Revenues Tumble by 50% in Macau

The gambling control board of Macau has released its report on the island’s gambling revenues for February, and the report…
4 Top Macau Stocks for 2016, If China Eases Capital Controls
Trey Thoelcke |

4 Top Macau Stocks for 2016, If China Eases Capital Controls

Here are four Macau stocks that would skyrocket in the event China loosens capital controls on the the Macau gaming…
Douglas A. McIntyre |

2007 First IPO

Posted by Bill in General the first ipo of 2007 is on deck this week with LGCY. a Complete analysis…
Paul Ausick |

Casino Shares Up on Macau Revenues

ThinkstockRevenue rose to $35 billion at the Chinese special administrative region of Macau in 2012, up 13.5% for the year…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618