In the first day of trading for the year 2013, numerous Las Vegas-based casino companies saw their stocks improve stemming from Macau’s record-setting revenue numbers for the year 2012. The Chinese gambling city reportedly earned $38 billion for the entire year and that was enough for shares of major casino operators to soar on Wednesday.
Among the casino companies that saw their shares spike up, Caesars Entertainment Corporation saw theirs increase the most as far as percentage was concerned, closing on the Nasdaq at $7.40, 48 cents, or 7.4% better than their previous number. Meanwhile, the Sheldon Adelson-owned Las Vegas Sands Corporation also got a tremendous boost, increasing its shares by $2.59, or 5.61%, before closing at $48.75 on the New York Stock Exchange. MGM Resorts International also saw its shares improve by 63 cents, or about 5.41% before also closing on the NYSE at $12.27. But the biggest gain in share prices belonged to Wynn Resorts Ltd., which saw an improvement of $5.58 to close on the Nasdaq at $118.07.
Meanwhile, Macau Legend Development Ltd, the casino operator that counts among its backers former Macau lawmaker David Chow, is looking into arranging an initial public offering in Hong Kong. According to the Apple Daily, which cited unidentified individuals, Macau Legend Development is trying to get anywhere from $500 – $800 million in the share sale.
Though the full breadth of information has yet to be revealed, the casino operator, which counts the Landmark Macau Hotel, the Pharaoh’s Palace Casino, and the Macau Fisherman’s Wharf complex among its assets, is eyeing the second quarter of the year for when the shares sale could begin. The casino operator’s decision to arrange an IPO can also be attributed to the robust gains it received as part of the Chinese gambling city’s record-breaking run in 2012, signaling a sustained level of strength even as the enclave saw a slow down of its VIP and high-roller clientele. Macau Legend Development is trying to pounce while the market is hot, which could explain its decision to arrange the IPO in Hong Kong.
