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Posted At : January 15, 2008 02:23 PM | Posted By : D McKee
Related Categories:
Macau,Station Casinos,Stanley Ho,Detroit
... at least for the casino biz. A variety of construction-related hurdles didn't deter gamblers. Greektown Casino is losing some market share to MGM Grand Detroit and Motor City, but not much. I'll be getting a chance to scope out the competitive landscape this weekend and find out what "Cutting Edge [sic] Gaming" means. (Sounds painful.)
Another setback for Stanley Ho: The onetime emperor of Macao's casino scene hits a speed bump in his IPO. While the article estimates that Ho still clings to 42% of a Macao market that was once entirely his, Deutsche Bank is quoting as saying he could retain "at least 20 percent," which isn't exactly comforting news if you're Stanley Ho.
Glass half-empty: That'll be spread pretty thin over Sociedade de Jogos de Macau's plethora of casinos. Glass half-full: It will be 20% of a much larger market than existed when Ho had it all to himself. So while SJM's decline is an inevitable by-blow of a competitive Macanese market, it's not like the durable Ho isn't seeing some benefit along the way.
Given Melco PBL's troubles in Macao, how did its stock get to a 142X earnings multiple (mega-lucrative Las Vegas Sands trades for a quarter of that)? Does the phrase "irrational exuberance" spring to mind? But it does look like a market correction is in progress.
Station goes mobile: The locals giant is hopping aboard the mobile-gambling bandwagon, at least to the extent of sports wagering.
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