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CASINO
NEWS
While 2008 visitation climbed nearly
12 percent from the previous year, the growth rate
was considerably slower than those of the past. Hong
Kong-based Mel co Crown Entertainment Ltd.MGM Mirage
and Wynn Resorts Ltd. Shares of casino operators with
properties in Macau were mixed Friday after the Chinese
enclave reported that December arrivals fell from
a year ago -- the first monthly year-over-year decline
since June 20 The online
casino industry has struggled as consumers have
curbed discretionary spending due to the prolonged
housing downturn, eroding credit, rising food costs
and unemployment concerns.
The
Macau Special Administrative Region Statistics and
Census Service said that December visitation to Macau
slipped 7 percent from 20 Macau is the only area in
China where casinos are legal. Both the Las Vegas
and Macau markets have been hindered by the global
economic downturn, with Macau's visitation also pinched
by tighter visa restrictions. In 2007, arrivals to
Macau jumped almost 23 percent from 20 Other casino
operators in Macau include Las Vegas Sands Corp.
Mirage's
stock shed 17 cents, to $20 in morning trading, while
shares of Las Vegas Sands added 15 cents, or 6 percent,
to $ Wynn's stock gained 30 cents to $66 and shares
of Mel co Crown dipped 3 cents to $ The broader market
slid for a second straight day on Friday as weak corporate
earnings reports stirred fears that the recession
will be deeper and longer lasting than some investors
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