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Casino News:

  Revenues go down as VIP gamblers cut gaming activities

A downward trend of 7.1% prevailed in the revenues in the second-quarter at Wynn Macau Ltd., the Hong-Kong listed unit of Steven Wynn’s Las Vegas Company. The revenue figures came down from $976.5 million to $907.6 million. During the first quarter, the tourists from mainland of China had contributed greatly to the revenue generation and the decline depicts the downward growth in the world’s highest gambling center. Grant Goversten, an analyst at Union Gaming Group LLC said that the VIPs, e.g. the high-rollers have now changing their spending pattern. They used to contribute over seventy percent of the city’s revenues but now they are not investing to that extent. The changes of leadership in China and the global recession have also put an adverse effect upon the revenues. JPMorgan Chase & Co. have also announced a downfall in their shares that are evaluated at HK$25.80 instead of the earlier value of HK$28.50 in the context of lower gaming revenues in Macau and downward trend in the market shares. The month of June witnessed a reduced income of just $220.6 million in comparison with that of $120.3 million during the last year. The Macau Company apprised that the VIP segment recorded a turnover of $30.3 billion for the second quarter in respect of table games with a decline of 7.2% from $32.7 billion during the previous year.


   2012-07-21






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