THE M3: LVS SUBPOENA; AMAX; GGR; S'PORE CASINO LEVY; CHINA PROPERTY PRICES

The Macau Metro Monitor, March 1, 2011

 

LVS FCPA SUBPOENA LVS 10-K

On 2/9/2011, LVS received a subpoena from the SEC "requesting that the Company produce documents relating to its compliance with the FCPA (Foreign Corrupt Practices Act). The Company has also been advised by the Department of Justice that it is conducting a similar investigation.  It is the Company’s belief that the subpoena emanated from allegations contained in the lawsuit filed by Steven C. Jacobs described above." 

 

The FCPA "generally prohibits U.S. companies and their intermediaries from making improper payments to foreign officials for the purpose of obtaining or retaining business."  LVS said any FCPA violation would have a material adverse effect on their financial condition.


AMAX TO REVAMP CASINO TARGETING VIP BUSINESS Macau Daily News

Greek Mythology Casino in Taipa may complete a revamp by end of the year and will prioritize the development of VIP business to drive high‐end players.  The company expects monthly turnover will grow to MOP70 billion from the current
MOP15 billion.


MONTHLY GROSS REVENUE FROM GAMES OF FORTUNE DICJ

February GGR came in at 19.28BN HKD (19.863BN MOP, 2.48BN USD).  This represents 47.7% YoY growth.

 

CALL FOR TRIPLING CASINO LEVY Strait Times, TodayOnline

A Singapore Parliament member, Denise Phua, argued that over-reliance on gaming revenue would hurt Singapore over time.  She suggested that the casino entry levy (S$100) be tripled, the S$2,000 annual levy be abolished, and that a permanent a cap of 2 be placed on the on IRs.

 

CHINA FEBRUARY RESIDENTIAL PROPERTY PRICES UP 0.48% VS JANUARY WSJ

According to the China Real Estate Index System, residential property prices in 100 major Chinese cities rose 0.48% MoM in February, slowing from January's 0.95% MoM growth data provider.


SINGAPORE PROPERTY PRICES CONTINUE TO FIRM DESPITE COOLING MEASURES Channel News Asia

Flash estimates compiled by the National University of Singapore Institute of Real Estate Studies show the overall Singapore Residential Price Index rising by 2.6% MoM.  This is more than double the 1% MoM increase in December.


Cartoon of the Day: Bulls Leading the People

Investors rejoiced as centrist Emmanuel Macron edged out far-right Marine Le Pen in France's election day voting. European equities were up as much as 4.7% on the news.

read more

McCullough: ‘This Crazy Stat Drives Stock Market Bears Nuts’

If you’re short the stock market today, and your boss asks why is the Nasdaq at an all-time high, here’s the only honest answer: So far, Nasdaq company earnings are up 46% year-over-year.

read more

Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more

6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

read more

Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more

A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

read more

Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

read more

Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

read more

An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

read more