THE M3: GALAXY MACAU, CPI, GAMING TAX REVS

The Macau Metro Monitor, August 20th, 2010


RETHINKING GALAXY MACAU Intelligence Macau

IM is optimistic that Galaxy Macau will cater well to the mass and premium direct business.  Leading the premium-direct charge is Dennis Andreaci who brings a wealth of Asian experience from opening Sands Macau in 2004 and Venetian Macau in 2007.  Also, Galaxy will gain from being more like the Venetian than anyone else. The kind of people who visit the Venetian – more than half of all visitor arrivals – will be attracted to Galaxy Macau, too.  Additionally, IM thinks Galaxy Macau's grand entrance, superb interior and facilities, and Starworld's success stemming from its aggressive revenue-sharing policy with the junkets will be beneficial for the new Cotai facility.

 

CPI FOR JULY 2010 DSEC

The Composite CPI for July 2010 increased by 2.96% YoY (0.21% MoM).  The price index of Recreation & Culture rose by 2.61% MoM, attributable to higher charges for outbound package tours.

 

MACAU GAMING TAX REVENUES BOOST macaubusiness.com

Macau's budget surplus soared 75.5% YoY to MOP24.9 billion in the first seven months of 2010, with direct taxes from gaming (representing 84% of public finance revenue) increasing 63% YoY to MOP35.1 billion. 


Did the US Economy Just “Collapse”? "Worst Personal Spending Since 2009"?

This is a brief note written by Hedgeye U.S. Macro analyst Christian Drake on 4/28 dispelling media reporting that “US GDP collapses to 0.7%, the lowest number in three years with the worst personal spending since 2009.”

read more

7 Tweets Summing Up What You Need to Know About Today's GDP Report

"There's a tremendous opportunity to educate people in our profession on how GDP is stated and projected," Hedgeye CEO Keith McCullough wrote today. Here's everything you need to know about today's GDP report.

read more

Cartoon of the Day: Crash Test Bear

In the past six months, U.S. stock indices are up between +12% and +18%.

read more

GOLD: A Deep Dive on What’s Next with a Top Commodities Strategist

“If you saved in gold over the past 20 to 25 years rather than any currency anywhere in the world, gold has outperformed all these currencies,” says Stefan Wieler, Vice President of Goldmoney in this edition of Real Conversations.

read more

Exact Sciences Up +24% This Week... What's Next? | $EXAS

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

read more

Inside the Atlanta Fed's Flawed GDP Tracker

"The Atlanta Fed’s GDPNowcast model, while useful at amalgamating investor consensus on one singular GDP estimate for any given quarter, is certainly not the end-all-be-all of forecasting U.S. GDP," writes Hedgeye Senior Macro analyst Darius Dale.

read more

Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

read more

People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

read more

UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

read more

Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

read more

Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

read more

An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

read more