HONG KONG, Sept 18 (Reuters) - Galaxy Entertainment Group Ltd (0027.HK), which reported its best half-year earnings since 2005, said it saw signs of recovery in Macau's gaming sector and would welcome Las Vegas operators listing their Macau assets in Hong Kong.
Las Vegas Sands Corp (LVS.N) is planning to spin off a Macau asset for listing on the Hong Kong stock exchange and sources have said that Wynn Resorts (WYNN.O) has filed for a listing, expected to start in October.
Macau's gaming stocks are trading at a higher earnings multiple in Hong Kong than peers listed in other markets, Galaxy Vice Chairman Francis Lui told reporters at a briefing for the company's first-half results.
He said good valuation attracted foreign operators in Macau to list in Hong Kong and if Sands and Wynn listed on the bourse it would benefit the Macau gaming market.
"People can see that the recovery of Macau's gaming market is the fastest and the outlook is the brightest and with the IPOs (initial public offerings), I hope we can see a re-rating (of the sector) very soon," he added.
Lui said that Macau's gaming revenue this year was expected to reach the same level as in 2008 and could rise about 10 percent in 2010 from 2009.
(source:http://www.reuters.com/article/marketsNews/idCNHKG10685820090918?rpc=44)
Saturday, September 19, 2009
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