TICKERS: WYNN, MGM
WYNN - Summer specials at the Wynn Macau for Macau residents include the following.
- Accommodation – Macau residents can stay at the Forbes Five-Star Wynn Macau. The package includes one-night’s accommodation, choice of breakfast for two persons, complimentary WiFi, complimentary parking and late check-out till 3pm.
- Dining – Restaurants at Wynn Macau will be offering tasting menus for local residents.
- Spa – Residents can enjoy 20% saving on all spa treatments available at the Forbes Five-Star Spa at Wynn with a range of spa services including facials and massages. Complimentary parking is inclusive.
MGM - The Mandalay Bay Resort and Casino in Las Vegas has begun the final phase of a $100 million renovation, in which all 3,211 guestrooms will be updated.
MGM - MGM Resorts is pitching a $1 billion gambling complex for downtown Atlanta that backers say would funnel tens of millions of dollars into the HOPE scholarship. But first it would have to overcome stiff opposition in the General Assembly and the governor’s office.
- MGM’s proposal would create 3,500 jobs and offer Las Vegas-style casino gambling, as opposed to past ideas involving video slot machines, said state Rep. Ron Stephens, who chairs the House’s economic development committee. He called it the “Cadillac” of casino projects.
- An MGM Resorts spokesman confirmed the company’s interest in Atlanta but said its analysis in “the very preliminary stages.”
Airbnb - Panel of Hoteliers argue that boutique hotels are less at risk throughout the expansion and growing popularity of Airbnb. Takeaways from panel:
- CEO of Trust Hospitality argued that Airbnb was simply a play on price, and that's the main reason why anyone uses the platform. With that mentioned, the panel made the case that the Airbnb customers are interested in both the experience and the price.
- Here to stay. The panel was in agreement that Airbnb is not going anywhere and the current regulatory and they will overcome the majority of their regulatory headwinds.
Takeaway: Airbnb continues to make waves in the headlines
CCL - The 1,266-passenger Ryndam will return to Harwich a day early, on Friday July 3, so staff can perform a deep clean before its next cruise. The ship was forced to cut short the 14-day round-trip cruise from the U.K. due to a Norovirus outbreak.
China Anti-Graft - The People’s Daily, an organ of the Communist Party of China, as saying the party’s Central Commission for Discipline Inspection will use the country’s telecommunications companies to keep tabs on mainland officials when they are abroad.
Las Vegas Housing - Las Vegas slipped out of the "Top 5 Distressed Markets" for the month of May, but that is not expected to last long. The market’s share of distressed sales fell by nearly half in May, to 13% of the market. That was down from 23.8% in May 2014.
- Nevada’s default laws went through several iterations in 2011 and 2013, which banks said complicated their ability to foreclose. As lenders have adjusted, foreclosure starts — first-time filings of notices of default — have picked up noticeably in 2015.
- It was also cited that due to the stabilization in home prices and negative equity dropping, homeowners will likely be able to exit their homes without the 'distressed' tag associated with the sale.
Athens, Greece - The Hellenic Gaming Commission, arrived at a radical change of circumstances which will lead to the actual suspension of OPAP VLTs business activity. The new regulation, decided by the Gaming Commission only a few days prior to the scheduled launch of the VLTs.
Takeaway: Bad news for the suppliers
Hedgeye Macro Team remains negative on Europe
Takeaway: European pricing has been a tailwind for CCL and RCL but a negative pivot has happened in 2015.