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TICKERS: LVS/1928.HK, 0618.HK, 678.HK, Airbnb


July 23 8:30am: Macau Legend 2Q CC: ; PW: 3270523# 

July 23 9am:  PENN 2Q CC

July 23 5pm: BYD 2Q CC ; pw: 1397357

July 24 11am-2pm:  PENN Plainridge tour and investor day

July 28 8:30am: WYN 2Q CC ; pw: WYNDHAM

July 29 10:00am: HLT 2Q CC ; pw: 74328196

July 30 9:00am: HST 2Q CC

July 30 10:00am: MAR 2Q CC ; pw: 66506287

July 30 1:00pm: HOT 2Q CC ; pw: 69941686

August 1

  • Wild Rose Jefferson opens
  • St Regis Macau opens

August 4: 11:00am: MGM 2Q CC ; pw: 0575269

August 4: 5:00pm: AWAY 2Q CC

August 6: 8:30-1pm: RCL INVESTOR DAY (NYSE)


LVS, 1928.HK - The Labor Affairs Bureau is investigating the death of an imported worker in a Sands China construction site in Cotai. For now, they have stopped works. A 50-year old imported worker from the Mainland was helping with crane works in a construction site at the Venetian.

According to a preliminary investigation, the metal frame came loose and the metal belt used to tie the framework broke, causing around three tons of frameworks to fall on the man. The man lost consciousness on the scene and was pronounced dead after emergency treatment at the hospital.

The bureau says they ordered the contractor to terminate the relevant crane works, as well as requested the submission of a report on the accident. Further investigations are underway


Takeaway: Unfortunate incident could further delay Parisian opening.


01680.HK - Macau Legend Development has announced that it expects to report a loss for 1H 2015.  Last year, Macau Legend generated a first-half profit.   The company told the Hong Kong Stock Exchange that the loss it expected was due mainly to less revenue from gaming and greater costs, particularly staff costs.

Macau Legend is also reportedly building an integrated resort on Cape Verde islands, an archipelagic nation off the northwest coast of Africa.  The gaming and entertainment complex, which is expected to need US$200 million in investment, will include high-end hotels, casinos, conference centers and yacht piers, among other facilities, the Hong Kong Economic Journal reported on Monday, citing unnamed sources.



Takeaway: Not surprising given tough demand environment and high cost structure.

Genting HK - said on Friday it expects net profit for the six months to June 30 “of not less than” US$2.1 billion, compared to US$142.2 million for the prior-year period.

  • The numbers contained in its most recent update did not include the contribution from Travellers International Hotel Group Inc – a venture with a Philippines partner that operates and is expanding the Resorts World Manila casino resort – and from Norwegian Cruise Line Holdings Ltd (NCLH), Genting Hong Kong said.
  • The firm said the expected increase in net profit is mainly attributable to, among other factors, a gain of US$599.6 million “from the disposal of certain stakes in NCLH” and a one-off accounting gain of US$1.57 billion “recognized upon completion of a secondary offering of NCLH’s ordinary shares”.
  • Genting Hong Kong’s interest in NCLH decreased from about 22.0% to approximately 17.7%, the company said, adding that it now accounts for its share of results and net assets of NCLH as an “available-for-sale investment”.


Takeaway: Further Genting/Apollo sales have already been a headwind for NCLH investors but NCLH is setting up to have a great year.

Airbnb - NYC is spending $2.8 million to shut down illegal Airbnb rentals. 

  • The city is doubling down on its efforts to regulate illegal home conversions, according to the New York Post. And for its crackdown, the Mayor’s Office of Special Enforcement — which is tasked with fighting illegal subletting, among other things — now has a $2.8 million budget to work with.
  • The office will expand to a staff of 29 from 12, turning the division into an active investigative unit, according to the newspaper. 
  • “OSE will no longer be a reactive group but one that will go out and shut down the illegal hotels,” said Upper West Side Council member Helen Rosenthal. 


Takeaway: A small positive for NYC lodging. "Illegal" rentals, for now, simply mean a sublet which lasts longer than 30 days. NYC continues to be one of the most difficult cities for Airbnb to work with as regulators refuse to strike a productive deal.

Travelodge - The owners of Travelodge are preparing to check out of the hotel business after appointing Deutsche Bank to advise them on a £1bn IPO.   An initial public offering is believed to be less likely than a sale, and there is speculation that Travelodge could draw the attention of an Asian suitor. 

  • Travelodge currently has 521 hotels, including 12 in Ireland and five in Spain, although the business has identified about 250 locations in Britain where it would like open a site in the future, the chief executive added.
  • Travelodge, like other companies across the hospitality, retail, leisure and social care industries, is expected to suffer higher costs as a result of the plan for a new national living wage for workers aged 25 or over, which was unveiled by Chancellor George Osborne earlier this month. The minimum wage is currently £6.50, but will rise to £7.20 next April and reach £9 by 2020. 



Crystal Cruises/Genting HK-  will turn the two-ship, luxury ocean cruise line into a luxury “one call” — using the Crystal brand to add new ships, new yachts, new river cruise ships and a new airline.

  • Three new luxury ships are going to be built. They are large (100,000 tonnes) but will only carry 1,000 passengers with one-to-one service from the 1,000 crew members. 
  • The ships will be the most luxurious afloat with suites twice as large as any of the luxury brands and they’ll feel even bigger with higher than normal ceilings. 
  • In a unique move, President and CEO Edie Rodriquez told USA Today there will be 48 residences offered as second homes on the top deck. Your own restaurant, reception and facilities go with your new home at sea.
  • The first of these super luxury ships will be sailing by 2018. The Crystal River Cruise ships will be sailing by 2017 with two custom-built vessels with the same luxury appointments and service you will find on the ocean liners.


Takeaway: Who says the luxury cruising market isn't getting crowded as well. 

Avalon Waterways - Low water levels on European rivers are forcing many river cruise companies to evaluate their upcoming sailings.  Avalon Waterways has canceled the departure of its "Highlights of Germany" river cruise on Avalon Affinity, due to low water on a stretch of the Danube River. The cruise was due to begin on July 19, sailing from Passau to Basel.  

  • The company has offered affected customers the option of another European river cruise on a similar departure date or a full refund with a future cruise credit allowance.

  • "As of today, all our cruise programs are operating as per schedule; however, the water levels are low on the Rhine, Main and Danube so we are monitoring the situation closely," the line said in a statement.



Vladivostok, Russia - Hundreds of new staff being trained for next month's landmark casino opening in Vladivostok. 

  • The first casino resort in the the Primorye Entertainment Zone is due to open next month by Macau magnate Lawrence Ho' gambling investment firm Summit Ascent Holdings.
  • The $500 million complex will boast 121 rooms alongside a luxury casino suite and gaming floor.  It is due to open on 28 August after completing construction and undertaking final government inspections. 
  • Initially, styled as Tigre de Cristal this will comprise five VIP gaming tables, 42 mass market gaming tables, and 759 slot machines in a $172 million first phase.
  • Some 700 staff have been trained for the opening as croupiers, dealers, floor managers and the like, a number that will increase to over 1,000 when the complex is operating at full capacity.


Takeaway: With close proximity to China, Japan, and Korea, Vladivostok certainly has potential.  

Australia - Australia’s Echo Entertainment Group Ltd has been chosen by the Queensland government to develop a multibillion-dollar casino resort in the Queen’s Wharf area of the state capital Brisbane, local media reported on Monday.  Echo’s bid beat a proposal from market rival Crown Resorts Ltd, led by James Packer.

  • Ms Palaszczuk, the Queensland Premier, stated the Echo bid was the standout one because of its better proposals for the use of public space and because the company was in a position to start construction soon.
  • Construction is due to begin by late 2016 and is likely to be completed by 2022, according to media reports.
  • The project will have luxury hotels: including one under the Ritz-Carlton brand and one under the Rosewood brand; residential apartment towers; luxury shopping; and public spaces along the Queen’s Wharf’s dock.



North Dakota - Lottery ticket sales increased slightly in North Dakota over the last fiscal year despite fewer multi-million dollar jackpots, the state's lottery director said.  North Dakota gamblers wagered just more than $27 million on lottery games for the fiscal year that ended June 30, or about $100,000 more than fiscal 2014, lottery director Randy Miller said.  



Hedgeye Macro Team is incrementally bearish on U.S. consumption growth, based on the consumer's continued efforts to deleverage their household balance sheet combined with the peaking of consumer confidence and stagnating labor productivity.   

Takeaway:  For now, US regional gaming slowed in June but North American cruise pricing still doing well.