THE M3: ADELSON LOOKS TO EXPAND MBS; S'PORE INFLATION TARGET RAISED; PROPERTY TAX; GALAXY

The Macau Metro Monitor, February 17, 2011

 

LAS VEGAS SANDS EYES MORE SINGAPORE LAND, SPAIN CASINO Reuters, WSJ

CEO Adelson is seeking more land from the S'pore govt to expand MBS.  "We are already running out of [convention and exhibition] space. I've told the government that we need some more land to expand the [convention] space because the demand that this property is going to create is rapidly bringing us to the point where we may even have to ration space," said Adelson.  He added that MBS's convention and exhibition facilities are running at 87% capacity and that "within about 12-to-18 months" the complex will be "rationing space."  Adelson said MBS has received 11MM visitors since it opened in April last year and expects to break even within four years of operations.

COO Leven said there is available land at various points around MBS.  "Demand is going to be higher than supply shortly as the entire hospitality industry is running over 80% occupancy," Leven said.  Leven also said a report on the search for a new MBS CEO is due Friday.

Adelson also remarked, "We are seriously looking at doing what we call a 'Strip', which is essentially a mini Las Vegas. We are looking to do that in Europe and we are sort of zeroing on Spain."

GROWTH OF 4-6% FOR 2011 WITH ECONOMIC DECLINES REVERSED Channel News Asia

S'pore's Trade and Industry Ministry (MTI) reported 14.5% GDP growth in 2010, with 4Q GDP expanding 12% YoY.  It maintained its 4-6% GDP growth forecast for 2011 but raised the inflation forecast to 3-4% from 2-3%.

Inflation is also expected to rise to 5.0 to 6.0% in early 2011 before moderating in 2H 2011.


TAX CUT ON PROPERTY TAX APPROVED macaubusiness.com

The Legislative Assembly has passed a property tax cut bill.  The new bill reduces the tax on unleased flats from 10% to 6% and the tax on leased flats from 16 to 10%.  The bill also introduces a change allowing owners of unleased flats an automatic deduction of 10% on their taxable income.

FORMER GALAXY COO APPOINTED NON-EXECUTIVE DIRECTOR AT ARISTOCRAT macaubusiness.com

The board of Aristocrat Leisure Limited recently nominated David Banks as a non-executive director.  Banks was COO of Galaxy until March 2009.