The Macau Metro Monitor, March 16, 2012
GROSS DOMESTIC PRODUCT 2011 DSEC Macau
The Statistics and Census Service (DSEC) reported that GDP in 4Q11 increased by 17.5% YoY. Growth was driven by the rise in exports of services, investment and private consumption expenditure.
- Exports of gaming services: +25.2%
- Visitors’ spending: 10.4%
- Investment: 16.7%
- Private consumption: 12.1%
- Government final consumption: 16.3%
- Exports of merchandise registered: 7.7%
4Q growth represented a deceleration from the 21.8% growth achieved in the first 3 quarters of 2011.
FARUQI & FARUQI, LLP IS INVESTIGATING WYNN RESORTS ON BEHALF OF ITS SHAREHOLDERS WSJ
Faruqi & Faruqi, LLP, a law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating whether certain officers and directors of Wynn violated the Foreign Corrupt Practices Act ("FCPA") by providing improper monetary benefits to government officials in Macau. The investigation comes on the back of the SEC's inquiry into Wynn's $135MM gift to the University of Macau Development Foundation.
HOTELIERS TIP SINGAPORE RATES TO RAISE FURTHER TTG Asia
Speaker's at the Hotel Investment Conference Asia Pacific (HICAP) predicted that Singapore ADR's would rise between 4-8% in 2012. OCBC Investment Research expects "solid hotel room demand growth at 6.4 per cent per annum, which would exceed overall room supply growth of 3.8 per cent per annum". The addition of the International Cruise Terminal in 2Q12 and the government's plan to invest S$905MM into the Tourism Development Fund should drive room demand and help the Singapore Tourism board hit their visitor arrival target of 6.6% annual growth and 17MM in 2015.
WATERTIGHT CASE? Inside Asia Gaming
Inside Asia Gaming speculates that the timing of the CasinoLeaks-Macau.com campaign is tied to the upcoming US presidential elections. It's no secret that Sheldon hasn't been a fan of labor unions and this may be their way of embarrassing him and any Republican candidates who Sheldon supports - like Newt Gingrich.
MUDDY WATERS Inside Asia Gaming
Inside Asia Gaming examines how the transition of China's national leadership is complicating and stalling the approval of new Cotai projects. Given that the casino industry and gambling are political hot topics in China, Macau officials are weary of making grand plans for Cotai's future expansion without getting "approval" from the political powers that be in China. The fact that the political players are currently in flux is likely a large driver for the delays in granting permission for the gazetting of the 4 pending projects on Cotai. The recent drama and embarrassing accusation brought out by the Wynn/ Okada lawsuits are only likely to further delay approval of Wynn's land grant.