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The Macau Metro Monitor, June 15, 2011

SANDS CHINA LTD. ANNOUNCES US$3.5 BILLION REFINANCING LVS

The new facilities will consist of a US$3.0 BN five-year Term Loan A and an undrawn US$500 MM five-year Revolver, maturing in 2016.  Sands will have the option to raise an incremental $1.0BN of new senior secured credit facilities.  After a 6-month introductory period, borrowing rate will be priced at LIBOR +2%.  Proceeds will be used to help pay down Sands' $2.7BN Venetian Macau Credit Facility, $1.75BN Venetian Orient Limited Credit Facility, and for construction of Sites 5 & 6.  The refi is subject to certain Macau Government approvals.


CRA REVIEWING POTENTIAL CASINO JUNKET OPERATORS Channel News Asia

Singapore's Casino Regulatory Authority (CRA) says it is reviewing "more than a handful'' of junket operators to see if they can be given licences to work at the two integrated resorts.  CRA refused to say if any licences would be given out by the end of this year.  

WANG GUANGYA VISITS CASINOS Macau Business

The Director of the Hong Kong and Macau Affairs Office of the State Council, Wang Guangya, paid visits to Grand Lisboa and Galaxy Macau yesterday.  This was an unusual move as usually Beijing officials opt to stay away from casinos during their official trips to Macau.

PERMIRA MAY BE LOOKING TO TAKE A PROFIT FROM GALAXY: REPORT Macau Business, Bloomberg

Permira Advisers LLC may be looking to sell its US$1.7 billion (MOP13.6 billion) stake in Galaxy Entertainment Group.  The deliberations are still at an early stage and no timing or size of the sale has been decided yet.  Permira bought its 20%  stake in Galaxy in October 2007.


NAGACORP TO INCREASE FOOTPRINT IN PHNOM PENH SCMP 

Cambodian casino operator NagaCorp, which operates Phnom Penh's only full-scale casino, announced it will acquire two development projects in a US$369 million deal to expand its presence in Phnom Penh.  The projects would expand the existing NagaWorld and double the company's developed floor space, and create a two-level pedestrian shopping arcade called NagaCity Walk.

Nagacorp’s CEO and majority shareholder, Chen Lip Keong, is privately funding the new projects, which are expected to be completed in 2016.

PRIVATE HOME SALES SLOW DOWN IN MAY Channel News Asia

Singapore's Urban Redevelopment Authority (URA) reported a 12.75% MoM drop in private homes sold in May, from 1,805 to 1,575 units.


S'PORE UNEMPLOYMENT RATE FALLS TO THREE-YEAR LOW Channel News Asia

Singapore's overall unemployment rate fell to a three-year low of 1.9% in March amid healthy economic growth and a tight labor market.