TODAY, March 6

  • Todd in Boston       

Friday, March 7

  • Employment Report for February 

Monday-Thursday, March 10-13

  • 2014 Cruise Shipping Miami Conference

Monday, March 11

  • CZR 4Q 2013 conference call

Tuesday, March 12

  • MTN FY2Q 2014 conference call

Friday, March 14

  • Hyatt Investor Day


LVS:  Las Vegas Sands executive Chris Cahill resigning 
LVS executive vice-president of global operations, Chris Cahill, is resigning.  Cahill oversees the company’s property operations, corporate marketing and human resources, among other things.  LVS gave him a 5-yr contract in April 2012. 


Takeaway: We're not reading anything into yet but other companies seem to be poaching some LVS personnel.  


OEH: Selling an asset 

The Inn at Perry Cabin, featuring 78 rooms, will be sold for $39.7 million. 


Takeaway:  We applaud managements efforts to sell an asset, not officially listed for sale, and we expect any cash proceeds will be used to reduce outstanding debt. 


HLT: Announced additional hotel in Saudi Arabia

Hilton Worldwide announced a signing agreement with Al Jazeera Group, for a new 180-room Hilton Al Ahsa, Kingdom of Saudi Arabia is expected to open in 2016.


Takeaway:  Continues the company's plan to increase the non-US hotels and room count. 




JAPAN:  Bill delayed 
One of the legislators, Takeshi Iwaya, spearheading the bill to legalize casinos in Japan says passage might be delayed.  Iwaya said he is extremely worried the bill might not get passed mid-year despite cross-party support because of procedural issues.  Iwaya did comment on potential projects, saying ideally foreign casino operators would join forces with local Japanese companies on projects.   Japan needs the expertise and knowledge of foreign companies, but foreign operators might have trouble adapting to Japan’s particular characteristics, he said.


Takeaway:  We believe such statements are merely efforts by Japanese officials to "save face" while also reaffirming the keiretsu business structure.  However, it seems that Japan is a huge focus for investors and expectations are high for passage of favorable legislation this year.


MACAU:  Work on new border crossing to start in 2015
Work on the new border crossing in Ilha Verde will start halfway through next year and should be complete in 2016.  The new crossing will be open 24 hours a day. 


Takeaway:  One of many transportation infrastructure developments that should help the Mass business 


BERMUDA: May pursue online gaming

Finance Mister David Burt suggested Bermuda establish a legislative committee to examine rules and laws for creating an on-line gaming industry.  Bermuda, home to many corporate headquarters as well as the reinsurance industry, is a preferred corporate domicile due to its favorable tax laws and positive business environment.  


Takeaway:  Bermuda with its strong infrastructure (telecom and data centers), coupled with favorable tax laws has the potential to become the next Cyprus for online gaming.  Additionally, the easy air travel access is a major advantage as compared to Cyprus.  



Hedgeye remains negative on consumer spending and believes in more inflation.  Following  a great call on rising housing prices, the Hedgeye Macro/Financials team is turning decidedly less positive. 


Takeaway:  We’ve found housing prices to be the single most significant factor in driving gaming revenues over the past 20 years in virtually all gaming markets across the US.

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.

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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.

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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.

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

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

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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.

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6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

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Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

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Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

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A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

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Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

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Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

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An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

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