LEISURE LETTER (11/03/2015) - CZR, BLOOM, AIRBNB, CCL, UBER

TICKERS: CZR, BLOOM, AIRBNB, CCL, UBER

EVENTS

November 3: 10:00AM: NCLH 3Q CC 

November 3: 10:00AM: RHP 3Q CC  

November 3: 11:00AM: H 3Q CC - , PW: 52469697

Novmber 4: 4:30PM: AWAY 3Q CC - ,PW: N/A

November 4-6: Anthem of the Seas Dead Cruise/Investor Event

November 5: 8:30AM: MPEL 3Q CC - , PW: MPEL

HEADLINE NEWS 

Transit Visa Policy - The Macau Police used their WeChat page to counter the rumors regarding possible changes to the transit visa policies. Remember, Union Gaming reported over the weekend that the government was implementing transit visa changes, citing multip sources. Below is a translated snag from WeChat. 

LEISURE LETTER (11/03/2015) - CZR, BLOOM, AIRBNB, CCL, UBER - Macau Police

Takeaway: Interesting turn of events. The July transit changes generated more visitation through that visa scheme but did not translate into gaming revenue growth. Even if Union Gaming was correct, it's difficult to say there would be any revenue impact this time.

COMPANY NEWS   

CZR - Caesars Entertainment Corp. is pulling out of both Cleveland and Cincinnati, where it owned and operated two Horseshoe casinos that are being taken over by Rock Gaming LLC.  The Cincinnati Business Courier, a Baltimore Business Journal sister publication, reported the Horseshoe Casino Cleveland, Horseshoe Cincinnati and ThistleDown Racino in North Randall, Ohio, will be rebranded and operated by Rock Gaming. Rock Gaming already owned the Cincinnati property, and the casinos and racino will remain open during the rebranding process.

ARTICLE HERE

 

BLOOM - Philippines-based casino operator Bloomberry Resorts Corp reported a net loss of PHP189.5 million ($4.1 million) for the third quarter of 2015, compared to a net profit of PHP991.7 million a year earlier. The firm on Tuesday said its Philippine operations recorded PHP281 million in net profit for the three months to September 30, while a casino resort in South Korea that it recently took over generated PHP471 million in net losses.

ARTICLE HERE

 

AIRBNB - American Express is teaming up Airbnb to let its card members pay for their home and apartment rentals more easily. Airbnb will now accept American Express membership rewards points to pay for booking. Users will be given the option to sign into the site using their AmEx credentials and then given the ability at checkout to pay fully or partially for their home rentals using their points. 

ARTICLE HERE

Takeaway: A valuable partnership for both sides. 

 

CRYSTAL CRUISES - In response to cruiser and travel agent demand, Crystal River Cruises -- the new river cruise division of luxury line Crystal Cruises -- has placed orders for four new river ships, which will launch in 2017.  In addition, the line has purchased an existing riverboat, which will be refurbished, renamed and kick off river cruises for the line in July 2016, a year earlier than planned.

ARTICLE HERE


CCL - As part of a $300-million refurbishment project, Holland America Line is planning upgrades to its top staterooms with new furnishings, colors, amenities and upgrades for all suites on the line’s Signature-, Vista- and R-Class ships. The first ships to undergo the suite transformation will be ms Eurodam and ms Oosterdam, followed by ms Nieuw Amsterdam, ms Westerdam, ms Zuiderdam and ms Noordam.   

ARTICLE HERE

 

UBER - Uber expects its turnover in China to exceed that of the US by the end of the year. Meanwhile, Guangzhou has recently overtaken Chengdu to become Uber’s top city in the world in terms of booking volume.  Uber entered the Chinese market in 2014. It has been operating in the major cities of Beijing, Shanghai, Guangzhou and Shenzhen for over a year. Its service now covers 21 cities, and it will continue to expand to other cities in the next 12 months.

ARTICLE HERE

INDUSTRY NEWS

Philippine Gaming Investment - Philippine property firm Megaworld Corp and casino operator Travellers International Hotel Group Inc are spending an aggregate of PHP65 billion ($1.4 billion) to develop a 31-hectare (76.6-acre) “leisure and entertainment township” at Entertainment City in Manila Bay.  The companies will be allocating a total of about US$300 million to build the residential portion of the project, Megaworld said on Monday. It will be next door to a new casino project called Resorts World Bayshore, to which Travellers International is already committed.

ARTICLE HERE

 

 


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