THE M3: SANDS CO-OP; LEVEN COMMENTS; GALAXY BOND; BELLE GROUP;

The Macau Metro Monitor, December 20th, 2010

 

SANDS CHINA NEARING APPROVAL ALLOWING FOR SALE OF CO-OP SHARES Las Vegas Sands Corp 

Sands China said it has received a letter from the Macau Land, Public Works and Transport Bureau saying "the process is at its final proceeding."  The draft contract finalizing the approval process is expected to be issued very shortly.

 

"We truly appreciate the government's diligence in addressing this matter and we are optimistic that a resolution could be forthcoming very quickly.  The company has been inquiring of prospective buyers over many months and has accelerated the inquiries to ascertain the viability of a concentrated sales effort starting after the first of the year.  The reaction from prospective buyers is very positive and company management is optimistic that our anticipated pricing will be well-received," Sheldon Adelson said.

 

LAS VEGAS SANDS' LEVEN SAYS MACAU SEEKING ORDERLY GROWTH OF CASINO RESORTS Bloomberg

COO Mike Leven said, “They’re [Macau’s Land, Public Works and Transport Bureau] trying to manage growth in a healthy way.  They’re probably not going to allow them all to be built at once. When one gets built and gets close to opening, they’ll allow the next one to start construction, and it will open after the existing property ramps up.”  Projects by Wynn, MGM and Sands’ site 3 may be the next three Cotai casinos allowed, Leven added.

 

GALAXY ENTERTAINMENT GROUP ANNOUNCES SUCCESSFUL CLOSING OF UPSIZED RMB BOND ISSUANCE Galaxy Entertainment Group

Galaxy announced it has closed its fixed rate senior unsecured bond issuance in an aggregate principal amount of RMB 1.38 billion.  The bonds will mature in December 2013.

 

Highlights:

  • Strong vote of confidence in Galaxy with offering more than 13 times oversubscribed
  • Attractive fixed interest rate of 4.625% p.a. for this groundbreaking offering
  • The first ever RMB denominated non-financial-institution corporate bond listed on the Hong Kong Stock Exchange
  • Opportunistic financing which raises reserve funding for development of non-gaming businesses and creates additional general working capital
  • Effective hedging strategies will be implemented to eliminate the currency risk

BELLE GROUP TO TAP MACAU GAMING FIRM FOR RESORT-ENTERTAINMENT COMPLEX The Philippine Star

The consortium of Belle Corp. and Leisure Resources World Corp. (LRWC) may hire Asia Pacific Gaming for consultancy services for its multi-billion peso IR complex.  Negros Occidental Rep. Alfredo “Albee” Benitez, majority owner and former president of LRWC, said the group may not take in a foreign strategic partner and could just hire APG to help them operate The Belle Grande Manila Bay, which is targeted for soft opening by the fourth quarter next year."


Did the US Economy Just “Collapse”? "Worst Personal Spending Since 2009"?

This is a brief note written by Hedgeye U.S. Macro analyst Christian Drake on 4/28 dispelling media reporting that “US GDP collapses to 0.7%, the lowest number in three years with the worst personal spending since 2009.”

read more

7 Tweets Summing Up What You Need to Know About Today's GDP Report

"There's a tremendous opportunity to educate people in our profession on how GDP is stated and projected," Hedgeye CEO Keith McCullough wrote today. Here's everything you need to know about today's GDP report.

read more

Cartoon of the Day: Crash Test Bear

In the past six months, U.S. stock indices are up between +12% and +18%.

read more

GOLD: A Deep Dive on What’s Next with a Top Commodities Strategist

“If you saved in gold over the past 20 to 25 years rather than any currency anywhere in the world, gold has outperformed all these currencies,” says Stefan Wieler, Vice President of Goldmoney in this edition of Real Conversations.

read more

Exact Sciences Up +24% This Week... What's Next? | $EXAS

We remain long Exact Sciences in the Hedgeye Healthcare Position Monitor.

read more

Inside the Atlanta Fed's Flawed GDP Tracker

"The Atlanta Fed’s GDPNowcast model, while useful at amalgamating investor consensus on one singular GDP estimate for any given quarter, is certainly not the end-all-be-all of forecasting U.S. GDP," writes Hedgeye Senior Macro analyst Darius Dale.

read more

Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

read more

People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

read more

UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

read more

Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

read more

Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

read more

An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

read more