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Macau Shifts Its Attention to Cotai‎

For years we’ve been anticipating a real shift of gaming revenue from the Macau Peninsula to Cotai in Macau. But for years, casinos in the old part of town have more than held their own against new competition. But two new resorts appear to be changing the picture, and it’s starting to show in financial results.

Two weeks ago, Las Vegas Sands (NYS: LVSshowed that it was holding its own on Cotai after the opening of Galaxy’s new casino. Sequentially, Venetian Macau saw EBITDA fall 0.5% and Four Seasons had a 7.1% increase. Today, Melco Crown (NAS:MPEL) announced earnings and City of Dreams saw a 6.1% increase in EBITDA sequentially and a 130.2% increase from last year.

This is in stark contrast to a 5.4% decline in EBITDA at MGM Resorts (NYS: MGM) Macau casino and a 7.4% decline for Wynn Resorts (NAS: WYNNfrom last quarter in Macau. The money is flowing to Cotai, and Melco Crown is able to capture value without putting in another table or hotel room.


This shift to Cotai should continue with Sands Cotai Central now open and a number of choices now available to gamblers. When Wynn, MGM, and SJM open on Cotai in a few years, Cotai will be a must-have spot for each of these companies.


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