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The Macau Metro Monitor, April 28, 2011


MGM CHINA DOESN'T PASS LISTING HEARING Bloomberg, Apple Daily

According to an unnamed source, the Hong Kong bourse on Thursday told MGM China Holdings Ltd. to submit additional documents for its plan to list its shares in the city.  The report said, "The committee has doubts on who will be the controlling shareholder, and concerns about possible shareholder disputes in the future."


SANDS CHINA SEEKS REFINANCING Reuters

Sands China is seeking a $3BN five-year debt deal that will refinance and upsize its $2.5BN Venetian Macau financing secured in May 2006.  According to banking sources, general syndication is expected in late May.  According to 3 bankers who are looking at Sands China's new deal,  the facility is expected to be priced at least 100 basis points lower than the existing $1.75 billion five-year loan the borrower completed in May 2010 (all-in 499bps; 450bps+LIBOR/HIBOR), largely as a result of the improving gaming sector outlook.

S'PORE JOBLESS RATE LOWEST IN THREE YEARS Channel News Asia

The overall unemployment rate fell to 1.9% in March 2011 from a seasonally adjusted 2.2% in December 2010.  The bulk of the employment gains in 1Q or 22,800 jobs came from the services sector.