Las Vegas Sands will launch the initial public offering of its Macau business late next month.   The company is seeking to raise up to US$2.5 billion in the offering.  The SCMP cites “sources familiar with Sands’ plan” as saying that the operator expects to complete the offering in about four weeks after receiving regulatory approval for a share offering and listing on the Hong Kong stock exchange.


Once regulatory approval is obtained, LVS’ bankers can begin to market the share sale to potential investors.  The bankers believe that Wynn’s recent IPO success in Hong Kong has presented “a good platform for the listing”, according to sources cited by the SCMP.  The IPO comes after the restructuring of US$3.3 billion in Macau-specific debt in exchange for higher interest payments and the raising of US$600 million in pre-flotation bond sales that could convert into shares in the Macau unit following a stock market listing in Hong Kong.           





Edmund Ho Hau-wah seems to be making a final push to act on previous pledges to control development in Macau’s gaming market.  Secretary for Economy and Finance Francis Tam Pak-yuen said on Monday that the administration of the outgoing chief executive is planning to review the number of table games in operation. In addition, it plans to raise the age limit for players and dealers to 21 from 18 and relocate machine parlors away from residential areas. 


All of these measures have been previously announced by the current administration but none has been carried out.  It seems that much of the renewed interest is due to “prodding from Beijing” to do something to rein in growth before the new government comes in.  Given that the current administration only has two months left in office, there is little time to bring measures before the new legislature which will be sitting its first session on Friday. 





Information from the Statistics and Census Service indicated that visitor arrivals in package tours increased in August by 3.7% y-o-y, putting an end to continuous y-o-y decline for the past three months.  The average hotel occupancy rate in Macau rose to 80.4%, or by 3.7% compared to the same period in 2008.  August saw a total of 631,454 guests check into hotels and guest houses in Macau, up by 15% y-o-y, with the majority coming from Mainland China (47.6% of total) and Hong Kong (27.9%). 

Cartoon of the Day: 'Biggest Tax Cut Ever'

President Donald Trump's economic team unveiled what he called last week, "the biggest tax cut we’ve ever had.” Before you get too excited about that hang on a sec. "Trump Tax Reform ain’t gettin’ done anytime soon," Hedgeye CEO Keith McCullough wrote in today's Early Look.

read more

Neurofinance: The Psychology Behind When To Sell A Bull Market

"Most momentum investors stay invested too long, under-reacting and holding tight after truly bad news finally arrives to break the trend," writes MarketPsych's Richard Peterson.

read more

Energy Stocks: Time to Buy the Dip? | $XLE

What the heck is happening in the Energy sector (XLE)? Energy stocks have trailed the S&P 500 by a whopping 15% in 2017. Before you buy the dip, here's what you need to know.

read more

Cartoon of the Day: Hard-Headed Bears

How's this for "hard data"? So far, 107 of 497 S&P 500 companies have reported aggregate sales and earnings growth of 4.4% and 13.2% respectively.

read more

Premium insight

McCullough [Uncensored]: When People Say ‘Everyone is Bullish, That’s Bulls@#t’

“You wonder why the performance of the hedge fund indices is so horrendous,” says Hedgeye CEO Keith McCullough, “they’re all doing the same thing, after the market moves. You shouldn’t be paid for that.”

read more

SECTOR SPOTLIGHT Replay | Healthcare Analyst Tom Tobin Today at 2:30PM ET

Tune in to this edition of Sector Spotlight with Healthcare analyst Tom Tobin and Healthcare Policy analyst Emily Evans.

read more

Ouchy!! Wall Street Consensus Hit By Epic Short Squeeze

In the latest example of what not to do with your portfolio, we have Wall Street consensus positioning...

read more

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.

read more

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.

read more

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.

read more

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

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

read more

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.

read more