Revenue and market share data out of Macau have gaming stocks on the move this afternoon, with MGM Resorts International (MGM) at the top of the field.
Macau revenue rose 25% year over year in December, a slower pace of growth than in previous months. But on a two-year basis, revenue has grown 91%.
MGM rose 7.1% in afternoon trading; Las Vegas Sands (LVS) rose 4.5% and Wynn Resorts (WYNN) was up 3.4%.
Susquehanna analyst Rachael Rothman broke down the shifts in market share in the industry:
“LVS and MGM 4Q11 market share finish ahead of expectations; WYNN in-line. Lusa reported unofficial December market shares of: ~16.5% for LVS, ~14.0% for WYNN, ~10.0% for MGM, ~26.0% for SJM, ~19.0% for Galaxy and ~14.5% for MPEL. 4Q11A LVS market share of 15.2% was 120 bps better than our 4Q11E. MGM market share of 10.7% was 100 bps better than our 4Q11E. WYNN market share of 13.4% was roughly in-line with our 4Q11E of 13.5%. 4Q11 Macau gaming revenues for LVS, MGM and WYNN were 5% above, 7% above and 4% below our estimates, respectively.”
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