博彩业股票投资空间大(3)

　　WYNN’s regular dividend of $2 a year continues, and the special dividend makes it a total of $29 in special dividends since 2006 （the only year a special was not declared was during the Credit Crisis year of 2008）。 While incorporating special dividends into any yield calculation is probably not wise, when one adds back the special dividends since 2006 combined with the $2 regular dividend you can guestimate the potential for a 5-7% dividend yield in addition to capital appreciation. Of course, the special will be highly dependent on gaming revenues which are ultra-sensitive to global and Asian economic growth. If Europe goes deeper into recession or Asian economies start printing low-single digit GDP growth rates, count on specials being minuscule or delayed.

　　International Game Technology continues to pay a miniscule 1.5% dividend yield, Melco Crown is strictly a pure-growth play on Asian resorts Cotai and Macau, and MGM Resorts hasn’t paid a dividend since 2001 as it remains balance sheet constrained while trying to expand against deeper-pocketed American and Asian rivals. The Market Vectors Gaming ETF （BJK） does not pay a dividend but the PowerShares Dynamic Leisure & Entertainment （PEJ） ETF pays a variable dividend that currently is about 1%. PEJ is mostly a play on consumer discretionary spending, not gaming stocks or a direct play on Asian gaming.

　　Gaming stocks are notoriously high-beta stocks and doubly or triply so for Asian plays. Many of the gaming stocks lost 80-95% in 2008-09. But they are a play on Asian economic growth and rising wealth, and nobody believes that Asia is going to have any ‘Lost Decades’ like Japan has had or Europe is currently having. This is one growth sector where low barriers to entry and dated technology concerns are not applicable. It’s about having the access, the licenses, and ability to attract the crowds and high-rollers. Steve Wynn and Sheldon Adelson have been doing it for decades and a couple of kids from MIT working in a garage in California – or Beijing — will not be able to dethrone them.