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Recently hired a top-line focused, senior manager away from Altira.

The management situation at MGM Macau continues to evolve.  The Joint Venture recently hired Mr. Kwong away from Altira to run the VIP operation for the property.  Mr. Kwong has deep junket relationships and should bring significant volume over to MGM.  He was responsible for the AMAX relationship at Crown/Altira.  The knock on Mr. Kwong is that he is too top-line focused so there is a question of how profitable these incremental revenues will be to the property.  We suspect MGM may be pursuing market share ahead of the IPO and hoping investors believe that margins will follow. 

The second item of note is a potential change at the top.  Our reconnaissance leads us to believe that Grant Bowie's stint at the company may be coming to an end.  His contract is expiring soon and neither MGM nor Pansy Ho appears to be keen on renewing.  We are also hearing that City of Dreams is targeting Bowie to replace the retiring Greg Hawkins at the end of the year.