THE M3: CZR SELLS GOLF COURSE; NEW S'PORE RULES; GUANGDONG BIRD FLU; GOVT SPENDING; S'PORE GDP

THE MACAU METRO MONITOR, AUGUST 12, 2013

 

 

CAESARS SELLS $438MM MACAU GOLF COURSE TO PEARL DYNASTY Bloomberg, Reuters

Caesars Entertainment has agreed to sell a golf course in Macau to Pearl Dynasty Investment Ltd for $438 million, effectively giving up obtaining casino operating rights in Macau.  CZR expects net proceeds of about $420 million from the disposal, which it will use to fund capex or buy back debt, it said in a filing.  CZR expects the completion of the sale to Pearl Dynasty to be completed in the fourth quarter.

 

NEW RULES SOON ON PUBLIC OFFICERS WHO FREQUENT CASINOS Channel News Asia

Public officers who visit the casinos in Singapore frequently or buy annual casino entry levy will soon need to declare these actions.  Deputy Prime Minister Teo Chee Hean, who is also Minister-in-charge of the Civil Service, announced this in Parliament as he spoke about the integrity of the public service amid a spate of recent lapses.

 

Former assistant director at the Corrupt Practices Investigation Bureau (CPIB), Edwin Yeo, was charged last month with criminal breach of trust involving S$1.7 million.  Part of the money he allegedly misappropriated was used for gambling at the Marina Bay Sands casino in Singapore.

 

GUANGDONG CONFIRMS HUMAN H7N9 INFECTION CASE Xinhua

A human infection with the H7N9 strain of avian influenza was confirmed in south China's Guangdong Province, Guangdong's health department said Saturday.  Sample of a 51-year-old woman surnamed Chen tested positive for the H7N9 virus at the Chinese Center for Disease Control and Prevention on Saturday, confirming the results of tests conducted by the Guangdong provincial center for disease control and prevention on Friday.  Chen is in critical condition.

 

In July, the Chinese mainland reported a single H7N9 avian flu case in which a patient from north China's Hebei Province was diagnosed in Beijing, bringing the total number of infections on the mainland to 133. Of the cases, 44 have ended in death, according to the the National Health and Family Planning Commission.

 

CHINESE OFFICIALS SPENDING ARE CLOSELY MONITORED Xinhua

Chinese Premier Li Keqiang ‘s policy on major measures to reduce government spending has been effectively implemented and will further intensify supervision and investigate problems related to the implementation of the regulation.  Spending by central government departments has dropped 1.6% YoY since the implementation of the policy.

 

SINGAPORE'S ECONOMY GROWS 3.8% ON-YEAR IN Q2 Channel News Asia

According to The Ministry of Trade and Industry (MTI), Singapore's economy grew by 3.8% YoY in 2Q 2013.  It is the strongest growth in three years and a hefty improvement from the 0.2% growth recorded in 1Q 2013.  As reported earlier, the ministry had upgraded the GDP forecast for 2013 from 1% to 3%, to 2.5% to 3.5%.


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This is a brief note written by Hedgeye U.S. Macro analyst Christian Drake on 4/28 dispelling media reporting that “US GDP collapses to 0.7%, the lowest number in three years with the worst personal spending since 2009.”

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7 Tweets Summing Up What You Need to Know About Today's GDP Report

"There's a tremendous opportunity to educate people in our profession on how GDP is stated and projected," Hedgeye CEO Keith McCullough wrote today. Here's everything you need to know about today's GDP report.

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Cartoon of the Day: Crash Test Bear

In the past six months, U.S. stock indices are up between +12% and +18%.

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GOLD: A Deep Dive on What’s Next with a Top Commodities Strategist

“If you saved in gold over the past 20 to 25 years rather than any currency anywhere in the world, gold has outperformed all these currencies,” says Stefan Wieler, Vice President of Goldmoney in this edition of Real Conversations.

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We remain long Exact Sciences in the Hedgeye Healthcare Position Monitor.

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Inside the Atlanta Fed's Flawed GDP Tracker

"The Atlanta Fed’s GDPNowcast model, while useful at amalgamating investor consensus on one singular GDP estimate for any given quarter, is certainly not the end-all-be-all of forecasting U.S. GDP," writes Hedgeye Senior Macro analyst Darius Dale.

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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."

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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.

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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."

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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.

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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.

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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.

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