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Macau daily gambling news

TAGs: air china, air macau, Galaxy Entertainment Group, Macau, MGM China, Nomura, wunn macau

sharesA Galaxy Entertainment Group shareholder has sold 50 million shares in the company at a discounted rate. Nasdaq.com reports the anonymous shareholder raised approximately $140.4 million in the block trade after offering the shares for between HK$21.70 and HK$21.90. A person familiar with the matter said they eventually sold for HK$21.80, a price that represented a discount of 4 percent compared with the previous day’s closing price of HK$22.70. Citigroup and Goldman Sachs were joint bookrunners on the deal and means a significant investor has now abandoned a firm that are continually being tipped as one of the enclave’s leaders.

Nomura backed up this assertion by putting Galaxy atop their latest report on the enclave’s gaming industry. Analysts Charlene Liu and Michale Shen increased their price target for the company to HK$29 (US$3.70) as they cited the “robust” growth potential of Galaxy Macau, “improving fundamentals” and “attractive valuation”, according to Macau Business. The same analysts upgraded Wynn Macau from “neutral” to “buy” as the price went up a dollar to HK$29.50 thanks to the likely approval of Wynn’s Cotai project in the near future. MGM China also got the “buy” news with a revised target price of HK$17.

Air Macau saw passenger numbers rise for the whole of 2011 with the firm is still running at just 65.8 percent of its full capacity. Jornal Tribuna de Macau report that the airline’s figure is the lowest of all those that fly to Macau with Air China – Air Macau’s largest shareholder – running at 83.2 percent of capacity and other airlines controlled by Air China using an average of 72.7 percent of capacity.

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