The Macau Metro Monitor, November 19th, 2010
GRAND PRIX RACING EVENT: AVERAGE HOTEL ROOM RATES UP BY 10% Macau Daily News
According to hospitality sources, overall hotel occupancy will be 80% this week and 90% for Friday and Saturday. They expect most of the hotels will be up to full occupancy once the Grand Prix event starts this weekend. ADR is 10% higher YoY.
FISCAL REVENUE UP TO 35.6 BN FOR THE FIRST TEN MONTHS TY Macau Daily News
From Jan-Oct 2010, Macau fiscal revenue reached MOP $62.64 BN (up 37.2% YoY). Gaming tax revenue hit MOP $52.15 BN (up 58% YoY). Macau total government expenditure during this period grew 14.7% YoY to MOP $27.3 BN.
COURT THROWS OUT RULING AGAINST LAS VEGAS SANDS WSJ.com
The Nevada Supreme Court threw out a lower court's decision to award Richard Suen, a Hong Kong businessman, $58.6 MM for allegedly helping LVS win a gambling license in Macau, ruling that the district court's errors warranted a new trial. However, legal experts say that a new trial may not be LVS's favor because of the potential bad publicity and because one of its key witnesses, former LVS President William Weidner, is unlikely to be cooperative. Mr. Weidner resigned in March 2009 after almost 14 years at the company amid disputes with Adelson.
CHINA RAISES BANKS' RESERVE REQUIREMENT RATIO WSJ.com
China's central bank will raise the reserve ratio by 50 bps to 18.5% from Nov. 29. The PBoC said the hike "will strengthen liquidity management and control credit."