The craziness…the gambling frenzy in Macau continues.
Latest report, Sands China Ltd., the Macau casino company controlled by U.S. billionaire Sheldon Adelson, rose by a record after reporting second-quarter profit doubled.
Ain’t that a hoot?
Now, I’m planning a trip to Macau soon to check out all this for myself. But until then, I have to depend on YOU…those of you who have played there, to report back to all of us.
Sands China rose 9.9 percent, the most since its debut in November 2009, to HK$23.40 at the 4 p.m. close of trading on the Hong Kong stock exchange.
Net income rose to $267.4 million in the three months ended June 30 from $133.6 million a year earlier as gamblers placed more bets at its Venetian Macao and Sands Macao venues.
Chinese gamblers are betting more on high-stakes baccarat and increasing spending on hotel rooms as the company taps growing demand for slot machines to boost Macau revenue.
Casino gambling revenue in Macau, already more than FOUR (that’s right, four) times that of the Las Vegas Strip, may grow by more than 43 percent this year, according to analysts.
“This report could be the catalyst we have been waiting for at both Sands China and Las Vegas Sands,” Anil Daswani, an analyst at Citigroup Inc. in Hong Kong, said in a note to clients.
So the lesson is…go east young man . Go east. To make your gambling fortune.