The Macau Metro Monitor, June 4th, 2010
SANDS CHINA TO POST US $1.0-US$1.2BN IN ADJUSTED EBITDA IN 2010 macaubusiness.com
CEO Adelson said yesterday that Sands China could generate between $1.0 to $1.2 billion in adjusted EBITDA in 2010. He added that LVS could generate on a consolidated basis as much as US$3.0 billion of adjusted EBITDA in 2011.
Meanwhile, on CNBC, Adelson remains optimistic on the Las Vegas market and is interested in the Japanese market.
FOREIGNERS WITH TOURIST VISA BANNED FROM WORKING IN MACAU Inquirer.net
Foreigners with only tourist visas will no longer be allowed to work in Macau, the Department of Foreign Affairs (DFA) said Friday. Under the new law, jobs in Macau will be available only through direct hiring in the Philippines, or through a legitimate agency in the Philippines connected to a legitimate Macau employment agency.
VISA TO BLOCK UNIONPAY DUAL CARDS IN MACAU Macau Daily Times, SCMP
Beginning 8/1/2010, Visa will block holders of Chinese dual currency credit cards that bear both Visa and UnionPay symbols from using the China UnionPay service when they travel overseas, including to Macau and Hong Kong. This move will result in Chinese mainland consumers paying a 1 to 2% money-exchange fee and exposing them to various FX risks.
Sources in Macau are skeptical Visa will go through with this change as it will hurt tourism. “The dual currency credit cards [Visa and China UnionPay] have become very convenient, especially considering that there are still many restrictions for mainland tourists to take money when they travel to overseas destinations. I don’t believe that this move will come into effect,” a source close to the local banking supervision body told Macau Daily Times.
“UnionPay will continue to expand business overseas, improve services and strengthen international cooperation … with strong support of our member institutions,” UnionPay said in response to the media reports.
PAULSON TO TAKE 9.9% STAKE IN HARRAH'S WSJ.com
Paulson & Co will provide a cash infusion of $351 million for $532 million debt owned by a Harrah's subsidiary. Harrah's owners Apollo Management LP and TPG Capital LP will put in about $200 million into the company to buy $303 million debt from the Harrah's subsidiary. The companies together will exchange that debt for 15.6% equity in the company.
Harrah's CFO, Jonathan Halkyard said, the total cash investment of around $550 million would allow to Harrah's to pursue international opportunties, particularly in Macau. "Macau remains our first, second and third priority," Mr. Halkyard said.