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[lastpost] => 2344055 【天策2020双旦嘉年华】，万元大金矿，联合【众鑫娱乐】寻找挖金手（开奖帖） 1610638563 女人爱足球
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, N/ ]& k: g; x$ d( Y: L仅仅几个月前，澳门娱乐城运营商连续4年的盈利增长还没有丝毫的终结迹象。) O/ b8 l9 R" L1 q8 h# ]/ _
继去年超越拉斯韦加斯大道(Las Vegas strip)，成为世界最大的博彩市场之后，澳门今年的娱乐城收入有望再次增长二分之一。
% x u2 @- j; D! L: D3 x+ K8 P美国娱乐城运营商拉斯韦加斯金沙集团(Las Vegas Sands)三分之二的收益来自澳门，其去年的收入已从2004年的12亿美元增至31亿美元。( Z; }/ E( `5 Y7 p( h
实现这种跳跃仅花了4年时间。4年前，澳门ZF宣布放开博彩市场，开启了博彩行业最大规模的繁荣期之一。# r) z- m' _6 u$ w# w
今年4月份，澳门ZF出乎意料地宣布，将采取措施减缓博彩业的迅猛增长。但这个消息却振奋了市场，因为市场认为，此举将保护现有运营商的利益。当有消息称，ZF将冻结娱乐城运营牌照的数量，并不再批准新的博彩投资项目用地申请时，拥有澳门博彩业务的美国和香港上市公司的股价飙升。
6 L" a Z% l) n' E0 d* h7 D然而，这种信心和乐观已然瓦解。虽然博彩业收入依然强劲并且在近几个月继续保持了惊人的增长，但娱乐城运营商的股价却如自由落体般直线下降。香港上市的澳门博彩股份有限公司（Sociedade de Jogos de Macau，简称：澳BO）自7月上市以来，股价下跌了四分之一。由何鸿燊(Stanley Ho)掌控的澳BO曾垄断澳门博彩业。其它美国和香港上市运营商的股价较去年秋天的峰值下跌近70%。
8 K# _& u5 k5 Q尽管之前的限制举措对游客数量影响甚微，但在上周，对内地ZF可能进一步限制赴澳门旅游的市场猜测已足以导致股价暴跌。) C% F8 k, x& k
澳门持有牌照的娱乐城运营商有6家，其中包括美国上市的永利度假村(Wynn Resorts)和拉斯韦加斯金沙集团。在一份葡萄牙语报纸报道了上述传言之后，两家公司股价分别下跌4.3%和11%。4 {: d8 [) k+ S
虽然还未出现增长放缓的迹象，但市场担心澳门的快速增长可能动力不足。
# d) f" e& r C7 F+ q* w. C. `澳门特首何厚铧(Edmund Ho)本月向立法会表示：“如果明年博彩业等部行业门的收入出现负增长，将在意料之中，因为这些行业过去已经历了高速增长。”
H- |# \# ^1 ]7 o% E5 J- s分析师们则更加乐观，不过仍然预期明年博彩业收入增长将显著减速。摩根大通(JPMorgan)分析师Billy Ng表示，就目前来看，对内地游客的限制“可能不会对博彩业收入产生重大影响，但这些限制措施清楚表明，（天朝内地）ZF决心减缓博彩业增长。你不知道他们什么时候就能找到正确的对策。”- i7 m7 D! t5 m+ h/ s) j. P- ]
不过，对于面临激烈竞争的娱乐城运营商来说，天朝ZF的良药可能是苦果。虽然澳门的迅速增长使娱乐城运营商的收入大幅增加，但这并不一定能转化为创纪录的利润额。* ^% n1 D8 O' J9 u& B! R
新濠博亚娱乐(Melco Crown Entertainment)是澳大利亚詹姆斯.帕克(James Packer)和澳门赌王何鸿燊之子何猷龙(Lawrence Ho)的合资公司。自去年5月该公司旗下澳门皇GUAN娱乐城酒店(Crown Macao casino)开业以来，除了今年第一季度，新濠博亚娱乐每个季度都出现亏损。在今年第一季度采取了以豪赌客户为目标的新策略之后，公司创造了4320万美元的利润。然而，由于澳门娱乐城成本上升，这些利润在第二季度便消失殆尽。
+ \$ ~' p- B- A D) D. Q6 k# SZF数据显示，占总成本十分之一的工资费用自2004年以来增长了近一倍。而负责为娱乐城招徕贵宾客户的掮客也成功从娱乐城运营商处获得更高佣金，如今，他们一般能分到博彩收入的45%，而不是之前的40%。贵宾客户占澳门博彩市场的70%。
- X" j9 r( I, i1 y; T6 j3 E“利润率将继续缩减，”瑞士信贷(Credit Suisse)分析师加布里埃尔?尚(Gabriel Chan)表示。他指出，其主要原因是未来两年内新娱乐城将充斥市场。明年将有5家新娱乐城开业，使赌桌总数增加三分之一。到2010年，又将有5家娱乐城进入市场，使赌桌数量再增加四分之一，达到7526张。' x ?) d. y) }
“竞争只会愈加激烈，”Billy Ng表示。 |
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