THE M3: MACAU PERMITS STILL TOUGH TO GET; MELCO BOND OFFERING; LABOUR DAY RALLY

The Macau Metro Monitor, May 3rd, 2010


MAINLANDERS GAMBLE IN SINGAPORE AS MACU PERMIT SQUEEZE CONTINUES SCMP

Curbs on mainlanders visiting Macau remain tight as Beijing continues to crack down on money laundering and gambling by officials misusing public funds. Singapore may be a more accessible destination as gamblers have described the approval process to visit Singapore as quick and smooth.

 

A Shenzhen public security official in charge of reviewing applications for overseas travel said there were no restrictions on residents visiting Singapore, although civil servants had to get their supervisors' approval. A limit of one Macau visit every two months was still in place for Guangdong residents who were not civil servants, Zhang Yao, a Guangzhou-based manager for China Travel Service said. Approval of applications by mainlanders qualified to visit Macau normally took two or three weeks.


MELCO CROWN MEETING GLOBAL BOND INVESTORS MAY 3-10-SOURCE WSJ

Melco is meeting investors May 3-10 ahead of a planned sale of up to $600 million in global bonds, a person familiar with the deal said Monday. The company begins the roadshow in Singapore Monday and will continue meeting investors in Hong Kong and London on Tuesday, New York on Wednesday and Thursday and Boston on Friday, the person said. It will wrap up the meetings in the U.S. West Coast next week. The bond will have an 8 year term with a call option that can be exercised after 4 years, through its wholly-owned subsidiary MCE Finance Limited. Melco will use the net proceeds from the proposed offering to reduce CoD debt, it said in a statement.

 

Bank of America Merrill Lynch, Deutsche Bank and The Royal Bank of Scotland are in charge of the transaction, the person familiar with the deal said.

 

LABOUR DAY CLASHES LEAVES 41 INJURED Macau Daily Times

The Labour Day rally on Saturday injured 41 people, including 32 policemen and two journalists, when protesters tried to force their way through security barricades preventing their access to the Almeida Ribeiro avenue, the main city thoroughfare downtown, a government statement said.


Local radio and media reports estimated that 1,000-1,500 people joined the march to demand job protection for local workers, more social housing, tough action against illegal workers and more action against corruption.


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We remain long Exact Sciences in the Hedgeye Healthcare Position Monitor.

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