博彩业股票投资空间大(2)

　　国际游戏科技公司继续派发微乎其微的1.5％股息收益率，新濠博亚娱乐有限公司则完全是押注路氹及澳门的亚洲度假博彩业的纯成长型股票（即没有股息派发而只能寄望于股价上涨），米高梅国际酒店集团自2001年以来尚未派发过一次股息，因为它仍然受其资产负债表上资产的限制，同时正努力扩大业务而与那些更加深财大气粗的美国及亚洲同业公司相竞争。市场动力博彩股交易所交易基金（Market Vectors Gaming ETF）不派发股息，但PowerShares活力休闲娱乐股ETF（PowerShares Dynamic Leisure & Entertainment，简称PEJ）派发可变股息，目前股息收益率为1％左右。PEJ主要是押注于消费者可自由支配开支——而不是博彩业股票或直接押注于亚洲博彩业——的一种投资选择。

　　博彩业股票是出了名的高贝塔系数股票（即相对于业绩评价基准而言股价波动性较高），而亚洲博彩业股票的贝塔系数更是博彩业股票平均水平的两至三倍。许多博彩业股票在2008年至2009年期间股价暴跌了80％至95％不等。但这些股票是押注亚洲经济增长及个人财富不断增长的一种投资选择，没有人相信亚洲将会面临像日本曾经经历或者欧洲目前正在经历的“失去的十年”。这是一个成长型行业，不存在入行门槛较低及技术过时之类的担忧。要在该行业获得成功，关键就是拥有博彩许可证以及有办法、有能力吸引大众及豪赌客。史蒂夫·韦恩及谢尔登·埃德森已在这行做了几十年，而几个毕业于麻省理工学院、在加州（或北京）某车库里努力创业的几个毛头小伙将无法撼动他们在博彩业已确立的坚固地位。

　　译文：

　　The volatility in financial markets since we last visited the Asian gaming stocks did not leave the stocks undisturbed. Since “Casino Stocks: Turbo-Growth From Rising Asian Wealth” went to press, Wynn Resorts （WYNN） is down 23%, Las Vegas Sands （LVS） down 5%, Melco Crown Entertainment （MPEL） off 20%, and MGM Resorts International （MGM） is down 13%. But International Gaming Technology （IGT）， reflecting its exposure to a strengthening U.S, domestic economy instead of the hyper-volatile Asian economies, is up almost 10% in that time period.

　　The big news is the announcement of a $5.00 special dividend from Wynn and the expected announcement of a dividend in 2012 or 2013 from Las Vegas Sands. Both companies have seen stabilization in their U.S. operations and despite huge capital expenditures for Cotai developments and Macau expansion, cash is piling up at their Asian subsidiaries. The special dividend from Wynn and future regular dividends from Las Vegas Sands also reflect that key control persons – twin casino legends Steve Wynn and Sheldon Adelson – are prime beneficiaries of any dividend expenditures. Wynn and related family members own over 20 million WYNN shares which means a cool $100 million will be coming their way. Hey, every little bit helps during these tough economic times, right ?

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