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

July 30 8:30am: STAY 2Q CC (1877)

July 31 10:00am: RCL 2Q CC 

August 1

  • Wild Rose Jefferson opens
  • St Regis Macau opens

August 3: 8:00pm: CTRIP 2Q CC ; PW: 40828276

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

August 4: 10:00am: NCLH 2Q CC Webcast Link Here

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

August 6: 8:30am: MPEL 2Q CC ; PW: MPEL

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


IHG/HOT - via Twitter and other news outlets, merger talks between IHG and HOT continue. 


UBER - In London, Uber faces legal action over cab drivers' rights.  The GMB union (a British Trade Union) will challenge the company's claim that its workers are partners rather than employees. 

  • The union says Uber is breaching its duty on pay, holidays, and health and safety.  

  • The firm says making drivers employees would mean losing their flexibility, which makes the job appealing.

  • The GMB's Steve Garelick said: "Operators like Uber must understand that they have an ethical and social policy that matches society's expectations of fair and honest treatment."

  • In May, Transport for London reported the number of private hire vehicle licences had risen from 52,000 to 77,000 over the previous 12 months, and most of that increase down to new Uber drivers.


Takeaway: Not the first time UBER has encountered regulatory/union driven headwinds, but London is a crucial market for them.


Macau Government Spending - Macau’s Chief Executive, Fernando Chui Sai On, has stressed that the city’s public finances “remain sound” despite the ongoing slump in casino GGR.  Mr Chui however confirmed that if Macau’s GGR tally for July comes in at around MOP18 billion ($2.25 billion), his government would introduce austerity measures to control spending, according to an official statement on Tuesday.  



Takeaway: We do not anticipate the government to use austerity measures.  


Macau Migrant Labor Force - Macau had 180,523 migrant workers at the end of last month, 16.2 per cent more than a year earlier, official data indicate.  The construction industry employed 48,692 of them, hotels and restaurants employed 45,680 and 22,555 were domestic servants.


Takeaway: A more detailed view of migrant labor in Macau versus yesterday's commentary. Construction hiring is good news for the casino operators. 


Nevada Gaming - Steep decline across the board for Nevada GGR. 

  • NV GGR (8.37%) YoY
  • Las Vegas Strip GGR (16.31%) YoY
  • Downtown Las Vegas GGR +2.25%
  • Boulder Strip GGR +6.28%
  • Balance of County GGR (1.15%)
  •  Breakdown of major segments on the Las Vegas Strip
    • Blackjack +0.27% YoY
    • Baccarat (57.00%) YoY
    • Total games (27.84%) YoY


Las Vegas Visitation - In June, there were 3.55 million visitors, +2.40% YoY.

  • Hotel Room Inventory - 149,071 rooms - (0.2%) YoY
  • Hotel Occupancy - 93% - +0.4% YoY   
  • ADR - $114.34 - (0.7%) YoY
  • RevPAR - 

Takeaway: Slots and Baccarat were particularly weak on the Strip. Combined with disappointing RevPAR we ask, where is the recovery? 


Pennsylvania Lottery - The Pennsylvania Lottery achieved a new sales record of $3.82 billion for the 2014-15 fiscal year and again generated more than $1.06 billion in net revenue.  Lottery sales in fiscal year 2014-15 surpassed the prior year's all-time sales record by $20.1 million, or 0.53%.  Instant games sales for the fiscal year totaled $2.59 billion, which was $146.7 million, or 6%, higher than the previous year. Instant games accounted 67.84 percent of fiscal year 2014-15 sales, up from 64.34% of total sales in the previous year.   


Takeaway: Lotteries remain white hot. 


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.

Cartoon of the Day: Bulls Leading the People

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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.

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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.

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

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Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

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6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

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Another French Revolution?

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Cartoon of the Day: Green Thumb

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Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

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An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

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