The Macau CEO's comments this week were probably more of the posturing sort than real substance.
There is some consternation surrounding comments this week by the Macau CEO as it relates to development. Fernando Chui expressed a desire to slow down casino development and potentially reclaim land that is not actively being developed. Following the address, at least one analyst expressed concern about Wynn's yet to be developed Cotai project.
The feedback we are getting from our people on the ground is that the policy address was more posture than substance. The comments to the media after the address were certainly softer. We do not believe Wynn's Cotai opportunity will be taken away from the company - no land has actually been formally granted to Wynn. The Cotai option is a very valuable one for both Macau and Wynn given Wynn's track record in Macau. We see no change in the value of that option based on the policy address.
