The Macau Metro Monitor, April 27, 2011
MELCO EYES YUAN BOND WORTH MOP 2.8 BILLION Macau Daily Times
MPEL is launching a RMB-denominated bond offering of USD $350 MM (MOP $2.8BN). The proceeds would be used "to fund potential future growth and expansion opportunities, which may include acquisitions”. Proceeds would also be used to repay existing debt, to partially pre-fund interest payments on the bonds, and for working capital and general corporate purposes. The company has hired BofA/ML, Citi, DB and RBS to assist with the Yuan bond offering. MPEL also said it has reached an agreement with lenders to underwrite credit facilities of US$1.2BN primarily to refinance CoD, a move that will reduce covenant restrictions but will increase debt cost and extend the maturity date of the existing CoD project facility.
SINGAPORE HAS NO EFFECT ON MACAU: LEVEN Macau Daily Times
LVS COO Leven says the Singapore market is not cannibalizing Macau, although he acknowledged that some Mainland high-rollers will go to Singapore, Australia, Las Vegas and other destinations. He also said Sands China will hire someone who can manage government relations. Leven also mentioned LVS's continued interest in Japan but that the tsunami catastrophe will likely delay any gaming developments. Leven also disclosed South Korea and Vietnam as other interests.
MORE TOURISTS ON EASTER HOLIDAYS macaubusiness.com
475,500 tourists entered Macau from April 22 to April 25, a 12.79% YoY increase.
EMPLOYMENT SURVEY FOR JANUARY-MARCH 2011 DSEC
Unemployment rate for January-March 2011 was 2.7%, down by 0.1% point from Dec-Feb period. Total labor force was 334,000 and the labor force participation rate stood at 71.5%, with the employed population increasing by about 800 over the previous period to 325,000.