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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.