Things are Picking Up in Macau- a Sign of Things to Come?

Posted on October 12th, 2009

Gaming Share News

Things appear to be hotting up once again in Macau on the news that James Packer has made a move to build up his stock holding in casino group Crown- shares across the board in the casino sector are up.

James Packer, the son of the late Kerry Packer, paid just over $20 million for 22.5 million shares in Crown, taking his holding in the gaming company that he chairs to over 40 %. The rumours are circulating that he is about to make a full bid for the company. Steve Wynn’s Macau casino group has just successfully launched on the Hong Kong stock which bodes well well for the valuation of Mr Packer’s Macau casino assets.

Shares in the US-listed Melco Crown Entertainment Ltd surged on the news. They are up for $2 or so earlier in the year to over $7 and went up almost 8 % last week. Wynnn raised 34 times this year’s forecast gaming earnings: a total of $US1.63bn.

With the Macau casino market loking to be at a turning point, Mr Packer may be better to hang on to his shares in the venture.

There’s been an easing of visa restrictions by the Chinese government on visits by mainland Chinese to Macau. The $3bn City of Dreams casino project, the flagship of the Packer-Ho joint venture, will of course benefit.

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