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December 2016 was the fifth month in a row of year-over-year gains in monthly gross gambling revenue in Macau, and Melco Crown saw a sizable uptick in share price from its mid-2016 lows. However, Melco Crown is also the least diversified gambling company in Macau, and the most susceptible to continued volatility there. As can been seen at the end of 2016, Melco Crown's stock price dipped once again on news that the Chinese government was considering a limit on ATM withdrawals in Macau. Even though the policy turned out to be less restrictive than expected, the stock has still remained depressed, perhaps because investors now believe that the Macau rally could easily be stopped by increased regulation once again. Melco Crown's new entertainment-focused casino in Macau The Chinese government has said that part of its goal in implementing regulation was to turn Macau into an all-inclusive entertainment destination, focused on more than just gambling.Melco Crown's new resort Studio City,which opened in October 2015, hopes to be just that.This Hollywood-themed resort has 1,600 rooms and offers plenty of non-gambling entertainment options such as a plethora of restaurants, bars, clubs, shopping, a 427-foot Ferris wheel, and multiple theaters. Melco Crown's Studio City opened in October 2015. Image source: Melco Crown. The draw of this new resort from an investing standpoint is that it's meant to attract mass-market travelers more than VIP gamblers, which seems to be the future of growth in Macau as the Chinese government continues to seek ways to make Macau even less focused on VIP gambling.Of course, Studio City isn't the only new casino to open in Macau. Both Las Vegas Sands and Wynn Resorts opened casinos there by the end of 2016, and MGM Resorts is working on its own resort, which is expected to open mid-2017. These new resorts are also hoping to attract mass-market and non-gambling market. Melco Crown earnings analysis Melco Crown has been able to beat earnings expectations multiple times in recent quarters.
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"It's been a long road to get back in the black," Lawton said. "It's good not only because it's net income for the first time, but because it's net income in all areas across the board." The revenue figure came in just 0.1 percent below the record $25.3 billion in total recorded in fiscal 2007, Lawton added. The comprehensive annual report, dubbed the Gaming Abstract, was made public Wednesday. It includes more than 200 pages of data about 273 casinos in the state that grossed $1 million or more in gambling revenues. Topics include number of employees, room occupancy rates and gambling revenue per square foot of casino space. The report found that 70 casinos owned by public companies statewide accounted for 78 percent of the total. The report came amid reports of growth from Las Vegas tourism and airport officials. McCarran International Airport was on pace in December to top the record 45 million passengers handled in 2015. The Las Vegas Convention and Visitors Authority reported a record number of tourists, 42.9 million, in 2016.
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But reminders of the conflict and the militants' legacy are never far away. "We are trying to forget," said 19-year old Wisam, slicing meat off a skewer to serve a customer in the Zuhour neighborhood. "It will take time - some things have got inside our heads." Around his stall, the market was bustling with people enjoying the freedom to walk around undisturbed by the Hisba, which enforced Islamic State rules and punished infractions with fines and flogging. Young men ran after a ball on a soccer pitch, some wearing shorts, which were forbidden under Islamic State. The logos on their football shirts, however, are still missing: the militants deemed them un-Islamic and ordered they be removed, particularly those resembling a cross. Occasionally, the militants themselves came to play, prompting everyone else to flee in fear of being caught in the crosshairs of coalition planes targeting Islamic State, said 22-year old Osama, who runs the pitch. Under militant rule, matches had to stop at prayer time and players only ever had one eye on the ball, Osama said. The other eye was on the street, in case an Islamic State patrol drove past. There is still a mark where a mortar bomb tore through the synthetic turf, and only shards of glass remain in the window panes after a car bomb exploded nearby when Iraqi forces retook Zuhour in early November. Many people stayed in their homes throughout the battle, defying predictions of an exodus from the city where as many as 1.5 million were said to live. Those who left - both during the fighting and before - are also returning, even though basic services such as electricity, health facilities and water have not been restored.
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