The global financial crises has hit casino shares for the second time in as many months, a recent financial report has shown. The slowdown has been directly related to recent movements and changes to gambling patterns in Macau, China.
U.S casino operators, based in China, shares have declined in value over the last few weeks with a particular dent in share prices on Monday. Despite this many analysts predict that revenue in the city will top $34 billion this year.
"Our outlook for the (Macau) market is still very bullish. We think gross gaming revenue could rise 35 percent next year on top of this year’s growth of 40 percent," gaming anylyst Janet Brasher said.
Macau is a former Portugese province which is an hours boat ride from Hong Kong. VIP and high rollers frequent the city, spending their money by the millions. However a recent downturn in credit and junket sources means these high-rollers are starting to dry up, or are they?
According to some reports, including eye witness accounts, the hotels and casinos are heaving. With seats at tables sought after and seldum left empty.
The full truth won’t become clear until third quarter financial reports are available, and even those won’t paint the full picture.
