THE M3: SJM COTAI; GAMING CONCESSIONS; CHINESE TRAVEL

The Macau Metro Monitor, September 8, 2011

SJM UNVEIL ITS COTAI PROJECT IN A RESEARCH REPORT Macau Daily News

According to a report by BoC International, SJM's Cotai project would need 15,000 workers, which is a barrier to the project's schedule.  SJM expects to obtain government approval by the end of 2011.  The project is expected to be completed within 36 months from receiving approval.

NO TIMETABLE YET FOR RENEWAL OF GAMING CONCESSIONS: GOVT Macau Daily Times

The Macau government doesn’t have a calendar yet to start the gaming concession renewal process.  Casino concessions in Macau will begin to expire in 2020.  These worries are likely to make it harder for operators to borrow to pay for their projects in Cotai.  

MORE TRAVELING FOR CHINESE IN UPCOMING HOLIDAYS Xinhua News

It is projected that some 300MM Chinese will be traveling during the upcoming Mid‐ Autumn Festival and National Day holidays this year, representing a 20% increase YoY.  And some 2.2MM are expected to travel to overseas destinations such as the Maldives, Phuket, Bali, Hong Kong, and South Korea, spending approximately US$2.1BN on international trips.