Macau gaming revenues almost reached HK$7 billion though the middle of March. While slower sequential growth, up 50% for the full month would be a good result.



We think Macau total gaming revenues were just under HK$7 billion through March 15th.  Revenues are on track for a HK$14 billion month which would be an increase of over 50% from March 2009.  This is sequentially slower growth than February (+70%) and January (+63%).  However, HK$14 billion is a very good number.  Note the monthly trends below


MACAU STRENGTH CONTINUES - macau monthly march estimate


Yesterday’s sharp sell-off was driven in part by fear of more regulation ahead of the Macau CEO’s address which ended a few hours ago.  Nothing major was announced, however.  Relief here combined with the strong month-to-date numbers is resulting in the bounce back in the stocks today.


Some may be concerned about Wynn's Cotai development given the Macau CEO's comments about slowing development.  However, in the press conference after his speech, Chui was quoted as saying "Apart from those we have agreed in principle in the past, in construction and those already approved, we will regulate (approval of the building of new casinos) in the future."  This appears to us to be a little less forceful, as it allows for projects that have been approved, as opposed to just development already started, and simply states that new approvals will be regulated, not that they will be prohibited.


The only somewhat disconcerting part of the speech was related to restrictions on foreign labor, which will apparently be tightened.  We don't believe the Macauese government would jeopardize LVS's construction of Lots 5/6 but inadequate labor could delay the project further.

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