Many casinos are having a banner year so far, and are spreading their special brand of cheer far and wide. Major resort companies are unwrapping new, shiny casinos and promoting plans to build new ones in the Asian gambling destination of Macau faster than a croupier's deck shuffle.
One of those lucky casino operators is Wynn Resorts
Cotai, the gaming capital of the world
Now that the floodgates are open, other operators are rushing to expand their holdings in Macau, particularly in Cotai. MGM Resorts
While both Wynn and MGM have casinos in Macau, Melco Crown Entertainment
Macau trumps Las Vegas for the title of casino capital of the world, though the area was opened up to competition only 10 years ago. The stakes are huge, and last year alone gambling revenues are said to have been nearly $34 billion, five times what Las Vegas pulls in each year. Better yet, revenues have risen by 26% since the beginning of this year.
Casino operators have had an explosive year so far, and it looks as if this is just the beginning. All of the companies mentioned are actively planning and building, and Las Vegas Sands is looking beyond Macau to opening a Las Vegas-style development in Spain, which CEO Sheldon Adelson characterized as a 5-to-10-year, $35 billion investment. Meanwhile, the company recently turned in numbers that showed a 31% revenue increase and a doubling of its net income.
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Fool contributor Amanda Alix owns no shares in the companies mentioned above.
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