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Just a few things we are hearing...

LVS

  • Launching a re-brand of the Four Seasons/Plaza - trying to regain some of the premium play they lost to WYNN
  • Announcement may come pretty soon post CNY from LVS about being able to sell the Cotai condos - this would be a positive catalyst for LVS
  • Labor may still be difficult for LVS to procure for Lots 5/6.  See below

MGM IPO

  • No surprise but hearing that MGM IPO will get announced post CNY – so that pushes it to March if they choose to do it at all
  • Given the recent strength, which looks sustainable, MGM may want to wait to get a higher price. 
  • Also, one of the biggest players from one of their biggest junkets went missing while owing MGM over $100 million.  It is our understanding that the junket has agreed to pay off MGM over time through offsetting commission advances.  Not sure if MGM needs to or will disclose this.

Galaxy Macau and other projects

  • Hearing that June 1st is the likely opening date
  • It's possible that 25-30% of Starworld's Rolling Chip volume could go over to Galaxy Macau
  • There will be an air-conditioned walkway between Galaxy and City of Dreams
  • As soon as they open, they will move into Phase 2 right away so there may not be as many free laborers for LVS - could be a negative for LVS
  • There will be 3,000 local workers that free up once the Galaxy project is done
  • Angela Ho’s theme park is another large development – all the residential units from Shun Tak are already under construction
  • University of Macau on Henguin.   
  • Light Rail Project is also going on 4- 5 year plan.