Las Vegas Is a Better Bet as Macao Gambling Revenue Tumbles
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Macao gambling revenue fell by another monthly amount in October. Las Vegas casinos are the better bet than Macao casinos. MGM Resorts International and Caesars Entertainment are playing a hot hand.
Macao's gambling revenue last month was $544 million, a 40% drop compared to last year. Las Vegas Sands sold all of its U.S.-based properties to go all-in on Asian markets. Wynn Resorts reported third-quarter revenue of $995 million. It's less than half of this quarter's revenue for Las Las Nevada operations. It's the only place where it's legal to gamble in China.
MGM Resorts saw revenue surge 140% year over year to $2.7 billion this past quarter. Caesars generated $ 2. 7 billion in the third quarter, compared to last year's $1.4 billion.
Macao was once the world's biggest gambling market. Japan and Singapore might open their own casinos in the next few years. High rollers might find other venues more attractive. For investors looking for top casino growth stocks, MGM Resorts or Caesars seem like winning hands.
