Based on industry figures, Las Vegas casinos will only bring in about $4.8 billion this year.
Receipts in Macau rose 22% to $3.8 billion in the third quarter. While casino companies lose money in Nevada, their counterparts in Asia are making a fortune.
Several US casino companies have raised money in IPOs in China. Wynn (NASDAQ:WYNN) recently netted $1.6 billion for selling 25% of its Macau operation to the public. Investors think the play on China’s southern coast is that good.
The movement of gambling out of Las Vegas and to Macau and Indian casinos that now number in the dozens around the US leaves open the issue of what will happen to the city that was once the gaming capital of the world.
In the early 1940s, Las Vegas as little more than a town in the desert. It seems to be headed back in that direction.
Douglas A. McIntyre
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