According to the Macau Times, Bill Weidner, LVS COO, stated that his company has so far not made a single dollar in Macau. He also played up LVS’s capital commitment to Macau. This is not a widely discussed topic in the States but all may not be well between Beijing and the US casino companies. WYNN, LVS, and MGM minting hundreds of millions of dollars in cash flow probably does not sit well with China’s power brokers. As I wrote about in my 8/25/08 post, “MACAU: QUID PRO QUO ON VISA RESTRICTIONS”, the flotation of the 6 month visa idea certainly roiled the markets but may have been an effort to extract more aid to Sichuan. Following Macau’s announcement of significant reconstruction aid, I wouldn’t be surprised to see: a) the casino companies kick in some additional cash to the effort, and b) the six month visa idea fade away. Status quo on the visa issue is a big near-term positive for Macau.
Not sure about the trend, but the trade continues higher on the US Macau stocks.
Not sure about the trend, but the trade continues higher on the US Macau stocks.
