THE MACAU METRO MONITOR

VOTER’S REJECTION OF GAMBLING MAY KILL NAVEGANTE GROUP’S CASINO PLANS IN TAIWAN lvrj.com

Voters in Taiwan recently voted against casino gaming over the weekend.  Gambling entrepreneur Larry Woolf’s Navegante Group spent nearly four years taking over a 27 acre beachfront site on Penghu island for a potential hotel, casino and resort project. 

 

The vote kills the option for a casino for at least three more years.  Some commentators have declared the vote to be a small positive for the Macau market given that Macau derives a small portion of its visitation from Taiwan.

 

 

 

WYNN MACAO SEES STRONG DEMAND AMID SHAKY HK IPO MARKET reuters.com

Sources have said that the Wynn Macau $1.6 billion IPO is several times covered, with one source saying the institutional portion was more than 10 times over-subscribed.  Pricing is still a day or two away but if priced at the top of the price range of HK$8.52 to HK$10.08 per share, Wynn Macau will raise HK$12.6 billion in the fourth largest global IPO this year.

 

 

 

CHINESE CARRIERS ENJOY ROBUST DOMESTIC GROWTH, INTERNATIONAL RECOVERY atwonline.com

Buoyed by strong GDP gains and improved global economic conditions, Chinese carriers enjoyed increased traffic in August.  Chinese airlines transported a total of 22.46 million passengers in August, up 41.6% over the same period a year ago.  The Hong Kong and Macau markets also experienced a new peak this year as passenger boarding jumped by 17% year-over-year.  August 2008 figures were negatively impacted by strict security measures implemented in advance of the Olympics.

 

 

 

MACAU BANKS CASH IN macaubusiness.com

Figures released yesterday by the Monetary Authority of Macau show that deposits with banks in July increased 2.2% from the previous month to MOP289.5 billion.  Patacas and Hong Kong Dollars comprised of 22.1% and 46.2% of total deposits respectively.  Deposits with banks rose at a faster pace than loans; the loan-to-deposit ratio edged down from a month ago.


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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