博彩业

Macau casinos: change in the odds
Lex专栏:澳门博彩业喜中存忧


澳门各赌场的平均收入已超过拉斯维加斯赌场去年收入的总和。不过,尽管澳门博彩股多年来为投资者带来了丰厚的回报,花点时间重新评估风险未尝不是个好主意。

There are as many theories about how to value the future earnings of Macau’s casinos as there are about how to win on its tables. One thing is clear: betting against them – the casino operators, that is, if not the house odds – has been a mug’s game. Even so, as every gambler knows to his cost, no winning streak lasts forever.

如何估算澳门赌场未来的盈利?这方面的理论一点也不比在赌桌上赢钱的秘籍少。有一点是肯定的:与赌场运营商,甚至是赌场的获胜率对赌,是件吃力不讨好的事。即便如此,赌场一样逃脱不了每位赌客用输钱换来的教训:胜利不可能永远持续下去。

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