The Macau Metro Monitor. November 30th, 2009.
SANDS SHARES TUMBLE ON DEBUT scmp.com
Shares of LVS’ Macau unit fell more than 10% on its Hong Kong debut on Monday. Chairman Sheldon Adelson dismissed the drop, telling reporters, “there is no reason to think a little bump in the road is going to last”. The Sands’ underwhelming first day follows several disappointing listings in Hong Kong recently, including Minsheng Banking and Wynn Macau. Sands raised US$2.5 billion from the IPO – less than the US$3.4 billion that executives had expected.
CHINA APPROVES 3.6 SQ KM LAND RECLAMATION PROPOSED BY MACAU macaunews.com.mo
Chief executive Edmund Ho Hau Wah has announced China’s approval of a Macau government proposal to reclaim 3.6 square kilometers of land. The Macau Post Daily has stated that the land reclamation is for the creation of a “new urban zone”. Macau’s current land area amounts to 29.2 square kilometers; the proposed land reclamation project will increase Macau’s land area by 12.3%.
MACAU’S GDP EXPANDS IN Q3 rttnews.com
Macau’s gross domestic product, in real terms, expanded 8.2% year-over-year in the third quarter. The rise ends three quarters of contraction. In the first and second quarters, the GDP contracted by a revised 12% and 15.3% respectively.