THE M3: MAY GGR; COTAI 7 & 8; MAY CHINA HOME PRICES

The Macau Metro Monitor, June 1, 2012

 

 

MAY GGR DICJ

Macau gross gaming revenues rose 7.3% YoY to MOP26.078 billion (HKD 25.32 billion, USD 3.26 billion). 

 

SANDS FAREWELLS COTAI 7 AND 8 Macau Business, WSJ

Sands China Ltd withdrew its judicial appeal to get parcels 7 and 8 on Cotai.  On December 2010, the Macau government rejected a land concession application by Sands China for Cotai lots 7 and 8.  On January 2011, the company filed a judicial appeal with the Court of Second Instance.

 

In its 2011 annual report, the company said that it would record a charge for all or some portion of the US$101.1 million in capitalized construction costs as of December 31, 2011 should the company not get the land rights or receive a full reimbursement of its capitalized investment in the project.

 

Sands China CEO Ed Tracy said in a statement Friday the company is focused on opening the next phase of Sands Cotai Central this fall and "accelerating" the development of Parcel 3, "bringing it to the market as quickly as possible."

 

CHINA HOUSING MARKET SHOWS SIGNS OF WARMING WSJ

According to China Real Estate Index System (CREIS), average housing prices in 100 major Chinese cities fell by a slower pace MoM in May, slipping 0.31% from April to 8,684 Yuan $ a square meter.  April prices fell 0.34% MoM.  It was the first instance of a narrower decline, after four months of accelerating losses.  On a YoY basis, May fell 1.53%, compared with April's -0.71%.  


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