THE M3: GALAXY HK BOND SALE; SANDS APPEAL; COTAI PLOTS

The Macau Metro Monitor, December 6th, 2010


GALAXY ENTERTAINMENT PLANS 1 BILLION YUAN BOND SALE IN HONG KONG
Bloomberg

Galaxy will be the 1st operator to access the HK debt market by raising 1 billion yuan ($150 MM).  Robert Drake, Galaxy's CFO, said Galaxy will begin marketing the bonds to investors immediately.  “This is opportunistic financing,” Drake said. “There’s a strong demand for renminbi out there and this is just another example of how we use opportunities to increase our financial flexibility and strengthen our balance sheet."  BofA, BOC International, HSBC, and UBS AG will manage the sale.  According to the a source, the company will meet bond investors in Hong Kong and Singapore from Dec. 7. 


SANDS FILES APPEAL macaubusiness.com, Intelligence Macau

According to Sands' legal advisor, Leonel Alves, Sands China has already appealed the government’s decision to reject the company’s application for additional land in Cotai on the sites known as parcels 7 and 8.  He has asked Macau CEO Chui to overturn the rejection of the land concession.  IM was surprised that the meeting with Chui took place immediately.  IM says getting a swift meeting with Chui is not a smart move by LVS as it smacks hugely of foreign saber-rattling makes Chui look weak. 

 

GOVERNMENT LOOKS FOR 'MORE DIVERSIFICATION' IN COTAI PLOTS Macau Daily TImes

Director of the Lands, Public Works and Transport Bureau (DSSOPT), Jaime Carion, said yesterday that the Government is now looking at developing non-gaming projects in Cotai.  "We are looking at more diversification in the Cotai area rather than being exclusively for the casino industry. We want to promote more cultural activities, sightseeing and recreation for families,” he pointed out.  Carion reiterated that the Sands'  7 & 8 sites are not "fully complete" and that SJM had expressed interest in the sites. 


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