Venetian Macao success pushes up sector shares

2007-09-05 14:59:51

Casinos have seen their share values rise after a successful start to the newly-opened Venetian Macao resort.

Yesterday, shares in Las Vegas Sands rose by 2.6 per cent, while Wynn Resorts and Boyd Gaming reported a 2.4 and a 2.8 per cent increase respectively.

One market analyst told Forbes that visitors at the Venetian Macao average 85,000 a day, rising to 100,000 on Saturday and Sunday.

Sheldon Adelson, who owns the casino, said it was "the beginning of what has been a dream of mine".

"We are quite certain we are going to meet the expectations of everybody that has anticipated this arrival," he told reporters.

Last year, gaming revenues in Macao amounted to $7.2 billion, overtaking the Las Vegas Strip for the first time.