The Macau Metro Monitor, November 28, 2011




Secretary Tam has confirmed that the government is planning to grant a plot for casino development in the Cotai area to all of the six gaming operators.  Tam also stressed the (average) 3% table growth cap from 2013-2023.  “There are reasons for this figure. We don’t want this sector to grow too much, too fast,” he said.  The official recalled that concession contracts were signed for a period of 20 years. “We are halfway there now so it’s the right timing to stop and look back,” he said.


Further restrictions would also pose a danger to the local economy, Tam warned.  “If we were to stop the gaming sector from developing, we would have a risky economic environment. There would be consequences for the Macau society,” he said.  "We want gaming to be just one element of a world-class tourism and leisure destination. But in the short-term, gaming will have to continue dominating the economy.”



“We can expect a slight decrease in the unemployment levels [for 2012],” Secretary Tam said.   With two-digit economic growth expected to continue next year, the working-age population could rise by 10% in 2012, Francis Tam said.  Local hotels and restaurants had more than 7,400 vacancies at the end of September, despite hiring over 4,000 people in just half-a-year, official data shows.



The unemployment rate fell to a record low of 2.4% in August-October 2011, down by 0.2 % point compared with the previous period (July-September 2011).  Total labor force was 346,600 in August-October 2011 and the labor force participation rate reached a historical high of 73.0%, with total employment increasing by 2,900 over the previous period to 338,200. 



MGM China's CEO, Grant Bowie, said Hengqin was a big plus for Macau and would be key to enhance engagement between mainland China and Macau.  "Its greater land area allows other tourism, leisure and recreational assets to be introduced to support the diversification of Macau, which would not be possible in Macau," he said.  Robert Drake, CEO of Galaxy Entertainment, said Galaxy was interested in investing in Hengqin and will explore options there.  In a push to lure investment to Hengqin, China is granting tax benefits to companies that operate in targeted industries and will grant duty-free status for imported goods.


"We are encouraging all foreign companies to come, like Walmart for example, but just no casinos," said Zhao Zhen Wu, a Chinese government director working on the development of Hengqin.

Cartoon of the Day: 'Biggest Tax Cut Ever'

President Donald Trump's economic team unveiled what he called last week, "the biggest tax cut we’ve ever had.” Before you get too excited about that hang on a sec. "Trump Tax Reform ain’t gettin’ done anytime soon," Hedgeye CEO Keith McCullough wrote in today's Early Look.

read more

Neurofinance: The Psychology Behind When To Sell A Bull Market

"Most momentum investors stay invested too long, under-reacting and holding tight after truly bad news finally arrives to break the trend," writes MarketPsych's Richard Peterson.

read more

Energy Stocks: Time to Buy the Dip? | $XLE

What the heck is happening in the Energy sector (XLE)? Energy stocks have trailed the S&P 500 by a whopping 15% in 2017. Before you buy the dip, here's what you need to know.

read more

Cartoon of the Day: Hard-Headed Bears

How's this for "hard data"? So far, 107 of 497 S&P 500 companies have reported aggregate sales and earnings growth of 4.4% and 13.2% respectively.

read more

Premium insight

McCullough [Uncensored]: When People Say ‘Everyone is Bullish, That’s Bulls@#t’

“You wonder why the performance of the hedge fund indices is so horrendous,” says Hedgeye CEO Keith McCullough, “they’re all doing the same thing, after the market moves. You shouldn’t be paid for that.”

read more

SECTOR SPOTLIGHT Replay | Healthcare Analyst Tom Tobin Today at 2:30PM ET

Tune in to this edition of Sector Spotlight with Healthcare analyst Tom Tobin and Healthcare Policy analyst Emily Evans.

read more

Ouchy!! Wall Street Consensus Hit By Epic Short Squeeze

In the latest example of what not to do with your portfolio, we have Wall Street consensus positioning...

read more

Cartoon of the Day: Bulls Leading the People

Investors rejoiced as centrist Emmanuel Macron edged out far-right Marine Le Pen in France's election day voting. European equities were up as much as 4.7% on the news.

read more

McCullough: ‘This Crazy Stat Drives Stock Market Bears Nuts’

If you’re short the stock market today, and your boss asks why is the Nasdaq at an all-time high, here’s the only honest answer: So far, Nasdaq company earnings are up 46% year-over-year.

read more

Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more