• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Coming...

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

The Macau Metro Monitor, June 21st, 2010

NO LAST MINUTE SITE SWAP FOR WYNN'S COTAI PROJECT Asian Gaming Intelligence

Steve Wynn has played down any rumors on swapping his Cotai site.  According to AGI, there was speculation that Wynn may bid for Macao Studio City if the government made the MSC site available.  But Wynn said to AGI, "It seems to me if there was a good chance of switching [sites for a Cotai development], they [the government] might have said to me 'Steve if you hold off something might happen' [on plans for Cotai].  I didn't get any of that [feedback].  My site's nearly twice the size of Macao Studio City's.  I'm 51 [acres] I'm told theirs is 32.  It [the MSC site] is big enough, but I would expect that they [the government] would have told me something like that."

MACAU GAMING GROWTH WILL EXCEED 30%, ADELSON SAYS Bloomberg, WSJ

In its annual meeting, Adelson told reporters he expects +30% growth in second half of 2010.  The projected growth follows a YTD increase of more than 60%, he added. Adelson was confident that the foreign labor quota issue would be worked out. He also took a shot at SJM, claiming the government "shouldn't allow any more casinos to be opened where the casino is greater than 10% of the [resort's] space" because such properties aren't contributing to the diversification of Macau's economy.

Sands CEO Jacobs reiterated that the Cotai project will be complete by 3Q 2011, and the Four Seasons apartment sale is forthcoming.

SINGAPORE SAYS YUAN MOVE WON'T AFFECT CURRENCY REGIME Bloomberg

The Monetary Authority of Singapore wrote in a email that China's decision to unpeg the yuan to the dollar won’t affect Singapore’s exchange rate policy.  “The policy of a modest and gradual appreciation of the island’s currency announced on April 14 remains unchanged and is appropriate against underlying economic conditions,” it said.

BUDGET SURPLUS DOUBLED macaubusiness.com

Macau registered a budget surplus of MOP21.28 billion in the first five months of 2010, with direct taxes from gaming increasing 57% YoY.  Direct taxes from gaming totaled MOP24.01 billion.

CONSUMER PRICE INDEX FOR MAY 2010 DSEC

CPI for May 2010 increased by 2.76% YoY.  Recreation & Culture rose by 0.96%, attributable to higher charges for outbound package tours.

NEW RECLAIMED AREAS IN MACAU WITH 3.5 SQ KM TO BE READY IN 5 YEARS Macau News

The Macau government will reclaim 3.5 sq km of land in the next five years to provide new areas for the territory expansion, said Secretary for Transport and Public Works Lau Si Io last week.  But according to Lao Long, urban development chief of the Lands, Public Works and Transport Bureau (DSSOPT), there would be no development by the gaming sector on the newly reclaimed land.