• Hyatt Investor Day


Monday, March 17

  • SNOW 5 p.m. earnings call

Tuesday, March 18

  • Hedgeye Expert Call with REIT Attorney at 11am, details to be announced shortly 

Wednesday, March19

  • Galaxy Entertainment:  FY 2013 annual results 


IGT:  providing additional 850 new VLTs to Oregon State Lottery, on top of the 1,500 units the Lottery committed to last year from IGT.  Also, 2,700 IGT Trim Line and Game King machines will be upgraded.


Takeaway:  Positive news but likely reflected in consensus



Tam expects stable labor market after 2017 Macau Business

Demand for labor until 2017 will be the same as in the past few years – enough for the market to meet.  The strains in the labor market will ease after 2017.


Takeaway:  Labor concerns will remain under the spotlight for Cotai 2015/2016.  While the government may not be worried, we think shortages in dealer labor are possible with huge wage inflation as the Cotai properties open.  Remember that as of now, regulations insist that dealers be Macau citizens and the unemployment rate in Macau is sub 2%.


HK billionaire Lau found guilty in Macau land deal case-media Reuters


Takeaway:  A corruption crackdown remains the biggest risk to Macau's momentum in our opinion. 


Japan – Japanese municipalities Hokkaido and Nagasaki are pushing ahead with studies on integrated resorts (IRs) development, while the new governor of Tokyo remains undecided, says Gambling Compliance, a UK company familiar with the gaming aspirations of a country now attracting covetous glances from some of the world's foremost gaming corporations.


Takeaway:  Everyone is so positive on Japan - and they should be - but the play is crowded and it's not a done deal.



Singapore's January retail sales up just 0.1% YoY Channel News Asia


Takeaway:  Singapore GDP to GGR correlations are higher than Macau GGR to China GDP so this number matters.


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.

Did the US Economy Just “Collapse”? "Worst Personal Spending Since 2009"?

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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Exact Sciences Up +24% This Week... What's Next? | $EXAS

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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