THE M3: MGM SUES JUNKET; NO SMOKING SIGNAGE

The Macau Metro Monitor, December 27, 2011

 

 

CASINO SUES GAMBLER FOR MILLIONS South China Morning Post

MGM Macau is suing longtime VIP junket agent and North Korean tour operator Wong Sing-Wa for failing to repay HK$5.6MM (+18% interest) of a three-year-old, HK$10MM debt.  According to a Hong Kong High Court writ filed on December 16, MGM China alleges Wong drew down a HK$10MM credit line and lost it all on the gambling tables on September 8, 2008.  

 

Wong is "a VIP room operator, a suspected triad member and an individual with ties to North Korea", the attorney-general of the US state of New Jersey wrote in a 2009 regulatory report, citing a 2003 background memo authored by MGM Resorts' then head of corporate security.  Wong has also reportedly been involved in the operations of the Pyongyang casino 100% owned by Sociedade de Turismo e Diversoes de Macau (STDM).  According to the 2009 New Jersey report, in January 2007, Wong accompanied Pansy Ho on a trip to Kazakhstan to explore gaming and non-gaming development possibilities on behalf of STDM and Shun Tak.

 

CASINO OPERATORS OBLIGED TO POST NO-SMOKING SIGNAGE IN PREMISES Macau Daily News

The new anti‐smoking rules will be effective beginning January 1, 2012.  According to the law, premises operators must put up authorized no‐smoking signage inside their properties, otherwise they will face a fine of MOP 10,000 to MOP 100,000. Meanwhile, they are obliged to stop smoking in non‐smoking areas and are advised to remove all ashtrays and lighters in non‐smoking premises.




Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

read more

People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

read more

UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

read more

Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

read more

Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

read more

An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

read more

Got Process? Zero Hedge Sells Fear, Not Truth

Fear sells. Always has. Look no further than Zero Hedge.

read more

REPLAY: Review of $EXAS Earnings Call (A Hedgeye Best Idea Long)

Our Healthcare Team made a monster call to be long EXAS - hear their updated thoughts.

read more

Capital Brief: 5 Things to Watch Right Now In Washington

Here's a quick look at some key issues investors should keep an eye on from Hedgeye's JT Taylor and our team of Washington Policy analysts in D.C.

read more

Premium insight

[UNLOCKED] Today's Daily Trading Ranges

“If I could only have one thing of the many things we have it would be my daily ranges." Hedgeye CEO Keith McCullough said recently.

read more

We'll Say It Again: Leave Your Politics Out of Your Portfolio

If your politics dictates your portfolio positioning, the Democrats and #NeverTrump crowd out there have had a hell of a week.

read more