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MGM Mirage (MGM) Is Gaining Market Share In Macau

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MGM Mirage MGM Is Gaining Market Share In Macau

The WSJ reported MGM Mirage (NYSE: MGM) has seen a "profound" improvement in the performance of its struggling casino in Macau this summer, Chief Executive Jim Murren said in an interview Friday with the WSJ.

MGM Mirage had been losing the battle for customers against Las Vegas Sands (NYSE: LVS) and Wynn (Nasdaq: WYNN) in Macau ever since its 600-room MGM Grand Macau opened in December 2007 at a cost of $1.25 billion.

But in August, MGM Mirage gained market share of the Macau gambling revenue to 11%, up from 8% in June. That moved it from sixth place to fifth in the Macau market.

The WSJ reported MGM Mirage (NYSE: MGM) has seen a "profound" improvement in the performance of its struggling casino in Macau this summer, Chief Executive Jim Murren said in an interview Friday with the WSJ.

MGM Mirage had been losing the battle for customers against Las Vegas Sands (NYSE: LVS) and Wynn (Nasdaq: WYNN) in Macau ever since its 600-room MGM Grand Macau opened in December 2007 at a cost of $1.25 billion.

But in August, MGM Mirage gained market share of the Macau gambling revenue to 11%, up from 8% in June. That moved it from sixth place to fifth in the Macau market.

Overall, Macau casinos reported a 17% jump in revenues in August after a period of decline caused by the global downturn and visa restrictions imposed by the Chinese government.

MGM Casino's CEO Jim Murren told the WSJ "We're feeling better." He noted that in the past, "We underperformed relative to our potential," adding, "We made a lot of changes."

Posted-In: Jim Murren Wall Street JournalNews

 

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