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Old July 29th, 2009, 06:57 PM   #61
hkskyline
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Macau housing picks up
29 July 2009
South China Morning Post

Despite suffering from a decline in gaming revenues and a fragile economic outlook, Macau's residential market has shown signs of improvement since the second quarter.

While the rate of recovery is not yet comparable to the rebound in demand and prices in the Hong Kong and mainland markets, property consultants said transaction numbers and prices had picked up since March - thanks to low interest rates and government measures to boost property buying.

The number of residential sales transactions rebounded from a trough of less than 200 in January to close to 800 in May, according to Jones Lang LaSalle.

"The mass residential market was the main beneficiary of the government's incentive measures, while the high-end market was not given quite the same boost," said Jeff Wong, Jones Lang's head of residential in Macau.

"But coupled with the low interest rate environment and the recent rebound in the region's stock markets, sales of residential properties have rebounded to pre-crisis levels," said Mr Wong.

The Macau government announced two sets of incentives this year: a 4 per cent home loan interest rate subsidy scheme and a mortgage guarantee programme.

High-end residential properties showed an average 2.2 per cent rise in value in the first half of this year, according to Jones Lang. In the mass and medium residential market, capital values rose 12.1 per cent.

Across the board, Savills said, average residential prices in Macau had declined before the recent recovery by 30 per cent from their peak in the fourth quarter of 2007. The property consultant also noted some early signs of recovery in the second quarter of this year in the middle to high-end market segments.

The positive news came as the city posted negative economic growth of 12.9 per cent year on year in the first quarter - the largest fall in the last 10 years.

However, the residential leasing market remained subdued, as the number of expatriates continued to fall and housing budgets were reduced. High-end residential rents fell 12.6 per cent in the first half. Rents for mass residential properties declined 3 per cent during the same period.

The office market remained weak, with vacancy rates rising to 26 per cent at the end of the first half.
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Old July 29th, 2009, 07:54 PM   #62
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Some major projects - notice the Venetian in the background :



More reclamation :



New Lisboa :



All photos were previously posted : http://www.skyscrapers.cn/forum/view...age%3D1&page=1
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Old July 30th, 2009, 08:57 PM   #63
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Macau property regains luster on lower cost of borrowing
29 July 2009
The Standard

Macau's residential market is showing signs of improvement because of low borrowing costs and surges in the stock market, according to property consultant Jones Lang LaSalle.

Prices of mass residential units over the next 12 months are expected to increase 10 percent, while prices of luxury apartments may rise 15 to 20 percent in the period, said Jeff Wong Chi-wai, the firm's head of residential sales in Macau.

To stimulate the residential market, the Macau government has outlined two sets of incentives that include a 4 percent home loan interest rate subsidy scheme and a mortgage guarantee program.

``Coupled with the low interest rate environment and the recent rebound in the region's stock markets, sales of residential properties [have] bounced back to their pre-crisis levels,'' Wong said.

The number of residential sales rebounded from the trough of fewer than 200 in January to close to 800 in May. Wong estimates the monthly figure will reach 1,000 in the second half of this year.

The consulting firm also expects the residential leasing market to see 5 percent growth in rents over the coming year. With the suspension of Las Vegas Sands' expansion projects and the government's tightening of impact labor policies, the number of expatriates in Macau has fallen.

Rents this year were generally on the decline but at a slower pace compared to the fourth quarter last year.

High-end residential rents declined 12.6 percent in the first half of the year, while rents for mass residential properties edged down 3 percent during the same period.
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Old July 31st, 2009, 10:14 PM   #64
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MGM Grand Macau
Source : http://www.pbase.com/agostinho/hotelmgm

















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Old August 1st, 2009, 08:31 AM   #65
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Macau, a greatt city (specially for gamblers).
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Old August 3rd, 2009, 01:30 PM   #66
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Las Vegas Sands targets $400 million bond sale

HONG KONG, Aug 1 (Reuters) - Las Vegas Sands, the world's largest casino firm, is seeking $400 million in short-term funding to help boost cash and restart construction of its stalled resort in Macau, local media reported on Saturday.

The company controlled by U.S. billionaire Sheldon Adelson is offering convertible bonds with interest of up to 16 percent to hedge funds and pension fund managers, South China Morning Post said, citing people who saw documents prepared by investment bank Goldman Sachs.

The paper said the sale is linked to Sands' plan to raise $2.5 billion in a Hong Kong initial public offering of its Macau operations early next year. The bonds may be swapped for the IPO shares. Sands has tapped Goldman Sachs to look at a potential Hong Kong listing for its Macau assets.
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Old August 4th, 2009, 05:42 PM   #67
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MGM Mirage posts loss, but revenue tops estimates

ATLANTA, Aug 3 (Reuters) - MGM Mirage posted a second-quarter loss on Monday as it discounted hotel rooms in a bid to attract conventioneers to its Las Vegas resorts, but its shares gained 5 percent as it cited better revenue trends.

The casino operator also said convention and business group bookings were improving and added it was likely gaining market share. Declines in hotel revenue in Las Vegas slowed in the second quarter from the first period, and that sequential trend is expected to continue, the company added.

"The operating environment we think will remain choppy in the near term," MGM Mirage Chief Executive Jim Murren said during a conference call. "However, we see extremely positive signs especially as we go into 2010 or even into the fourth quarter."

MGM also said it expects CityCenter, the multi-tower project on the Las Vegas Strip it is developing with joint venture partner Dubai World, would help recharge growth in the Vegas market and at its surrounding properties. CityCenter is on track to start opening later this year.

The No. 2 casino operator, whose largest shareholder is billionaire Kirk Kerkorian, reported a net loss of $212.6 million, or 60 cents a diluted share, compared with year-earlier net income of $113.1 million, or 40 cents a share.

The results included a cash impairment charge of 34 cents a share from an investment in a convertible note, and other special items.

Excluding items, the loss came to 12 cents a share, while analysts on average had expected a loss of 9 cents, according to Reuters Estimates.

Revenue, adjusting for promotional allowances, fell 21 percent to $1.49 billion, compared with $1.48 billion forecast by analysts.

Susquehanna Financial Group analyst Robert LaFleur said MGM did a "good job" controlling expenses in the quarter.

"It was from our view sort of an in-line quarter," LaFleur said.

MGM, whose holdings include nine Las Vegas Strip casino-hotels, gambling resorts in Mississippi and Michigan, and joint ventures in New Jersey and China's Macau, said $2.65 billion of debt and equity issuances completed in the quarter improved its financial position.

The company is looking to further expand in Asia as decreased business travel pressures casinos. It said in June that it was in talks with investors to develop a casino in Taiwan and also was eyeing potential projects in Japan and the Philippines.

But the company faces scrutiny in the United States tied to its joint venture in Macau with partner Pansy Ho.

Last week, the state of New Jersey reopened its review of the gaming license held by MGM and Boyd Gaming Corp's -- a 50-50 venture that operates Atlantic City's Borgata.

The move is tied to issues raised earlier this year by an investigation of the Macau venture. In May, New Jersey's gaming enforcement division issued a report recommending that MGM sever business ties with Ho.

MGM said it looks forward to presenting evidence at a hearing before state gambling authorities.

"I don't think this is going to result in anything near term," LaFleur said of the New Jersey investigation. "I think we're in the very early stages of a long, drawn-out process."

Shares of MGM, which fell before the market opened, were up 36 cents, or 5 percent, at $7.59 at mid-afternoon on the New York Stock Exchange. Other casino stocks rose, with market leader Las Vegas Sands up 6.8 percent at $9.99 and Wynn Resorts up 4.9 percent at $53.66.
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Old August 6th, 2009, 12:37 PM   #68
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ANALYSIS-Las Vegas Sands, Wynn IPOs seen as sure wins

HONG KONG/LOS ANGELES, August 6 (Reuters) - With Las Vegas struggling, investors keen to place bets on casino companies will plunk their money down on U.S. casino archrivals Las Vegas Sands and Wynn Resorts IPOs in Hong Kong for a stake in Macau, the world's biggest gambling market.

Their initial public offerings appeal on several levels. They will be among only a handful of "pure plays" in the lucrative Macau gaming sector, the others are Melco Crown Entertainment, Galaxy Entertainment Group and SJM Holdings.

That gives investors a chance to confine their exposure to Macau, unburdened by both companies' struggling Las Vegas operations. Gaming companies in Las Vegas are fighting uphill battles amid the economic downturn and a glut of new casinos.

Analysts say the offerings will also be regarded as proxy plays on China, the world's best-performing major economy.

Sands, the world's most-valuable casino company, could tap the Hong Kong IPO market as early as this month, hoping to raise up to $3 billion for some of its Macau assets.

Wynn, the world's No.2, is following suit, planning to raise up to $1 billion by the fourth quarter..

Of the two, Wynn's offering is a better bet compared with debt-heavy Sands, due to Wynn's lower debt levels, good track record and minimal project commitments, analysts said.

"Wynn has a very premium brand name, it might be more favourably received," said Sanford Bernstein analyst Janet Brashear. "If the IPO goes first and it's successful, then it will benefit Las Vegas Sands too."

The IPOs are coming to market at a time when Hong Kong's stocks are rallying and analysts forecasting the former Portugese colony of Macau will recover faster than Las Vegas.

After dropping 21 percent in the first three months of the year, Hong Kong's benchmark Hang Seng Index has risen about 81 percent since its lows in March, making IPOs a more attractive proposition.

Macau's ace in hole is China, a mere day trip away. The world's biggest gambling market draws a daily flood of risk-loving Chinese as they head to the only place in China where casinos are legal.

"Chinese people love to gamble and they have more money every day," said Susquehanna Financial analyst Robert LaFleur.

Macau's gross gaming revenues are set to rise 11 percent year-on-year in the fourth quarter, according to BNP Paribas.

WYNN WIN ?

Most analysts are putting their money on Wynn.

"The Wynn IPO is a war-chest manoeuvre. They're very opportunistic about raising money when money is available," said Sanford Bernstein analyst Janet Brashear."

The ratio of net debt to EBITDA for Wynn is estimated to be 4.6 times, much lower than Sands at 10.8 times, by the end of 2009, according to a report by JP Morgan.

Sands, which operates the Palazzo and Venetian resorts on the Legas Strip, has come close to violating loan agreements and has suspended work on several projects and laid off hundreds of workers. The company operates two casinos in Macau, including the Venetian, the world's largest casino resort.

It will open a gambling resort, billed as the world's most expensive casino resort, in the city-state of Singapore next year.

The companies have different strategies.

Sands, owned by billionaire Sheldon Adelson, draws a mostly mass-market crowd. This brings high margins because "junkets," which bankroll VIP gamblers, cut out about 40 percent of a casino's profits in commissions, Brashear said.

With its plush carpets and chandeliers, Wynn's Macau casino has managed to attract direct VIP customers without the use of junkets because of its reputation, according to analysts.

PRICEY BETS?

Exposure to the world's hottest gambling market will not come cheaply for investors.

Brashear estimated that the IPOs could be priced at 10 to 12 times enterprise value to earnings before interest, taxes, depreciation and amortisation (EBITDA), higher than the multiples of 6 to 8 for the companies' U.S. shares.

Macau's inflated property market is one reason for the difference. "The Asian investor pays up significantly for real estate," said T. Rowe Price portfolio manager Joseph Fath.

Analysts warned increasing competition in Macau means a return to explosive growth rates seen earlier this decade is unlikely, with three more new casinos expected to open within the next two years.

The weak global economy, further competition from Singapore and concerns Beijing will clamp down harder on Chinese tourist visits into Macau could also make the IPOs risky investments.

And as one analyst pointed out, a bet on these two casino listings could prove to be, well, a bit of a gamble.

"The valuations of their assets could vary at any point in time," said Moody's analyst Kaven Tsang. "We maintain a negative outlook for the sector. The overall economy and gaming revenues are not showing a significant rebound yet."
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Old August 7th, 2009, 01:05 PM   #69
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i would like to go there some day, do you think macau's strip is better than las vegas??
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Old August 7th, 2009, 06:40 PM   #70
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Quote:
Originally Posted by Julio-arias View Post
i would like to go there some day, do you think macau's strip is better than las vegas??
It's not as developed so far. Most of the reclaimed lands sit empty now on the Taipa side where the new casinos will pop up going forward. There are a few hotels around the Venetian, but so far it is mostly concentrated on indoor attractions. The street-side is a bit boring.
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Old August 11th, 2009, 05:33 PM   #71
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Originally Posted by hkskyline View Post
MGM Grand Macau
Source : http://www.pbase.com/agostinho/hotelmgm

















definitely one of the most largest and beautiful casinos in the world.
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Old August 15th, 2009, 06:43 PM   #72
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Tycoon to leave huge hole in the city he built
15 August 2009
The Australian

AS Stanley Ho, the 87-year-old billionaire gambling tycoon, remains in hospital in Hong Kong after surgery to remove a clot on the brain, there are questions about what his uncertain succession could mean for Macau and its complex relationship with China.

The colourful Ho dominated the $18billion Macau casino industry for 40 years until it was opened up to competition in 2002. Led by the flagship Grand Lisboa, his interests still account for 30 per cent of the industry in the city, the only part of China that has legalised casino gambling.

Thousands of mainland Chinese flock across the border from Zhuhai or fly in from other parts of the country to gamble in Macau, which has become an officially sanctioned outlet for the hot money of China and an unofficial centre of financial transactions with North Korea.

With four ``wives'', 17 children, an angry sister and a string of lieutenants, co-investors and business associates, there are concerns that when Ho dies, the stability that has derived from his godfather-like role in Macau could come under threat.

With no clear successor for Ho's $10billion international empire, Macau residents are bracing themselves for a soap opera-style scramble for control of his assets, which cover almost every aspect of daily living in Macau, from casinos and property to transport, the airport and Air Macau.

Ho has been involved in bitter court cases with his sister Winnie, who still holds a key stake in the empire, in which he revealed publicly the family secret that her husband was not the father of her son.

While he has lost his monopoly grip on the casino industry in Macau, Ho has also played a role in attempting to foster co-operation between the six casino licence-holders, which include a joint venture between James Packer and Ho's oldest living son, 32-year-old Lawrence Ho.

Some have also dared to speculate about whether the end of the Stanley Ho era in Macau could see a return to some of the bad old days of standover activities and violence in the city.

Now a Special Administrative Region of China, along the lines of Hong Kong, Macau comes under the watchful eye of Beijing. A new Beijing-sanctioned chief executive, Fernando Chui, a member of a wealthy Macau family and an old friend of Ho, is due to take over in December -- the first change of leader since Macau's return to Chinese rule in 1999.

Ho has had strong links with the leaders in Beijing where he has a seat on the Chinese People's Political Consultative Conference and his comments on issues of the day in Macau are given considerable weight.

His ambitious fourth wife, Angela Leong, is an elected member of the Macau legislative body. While Lawrence is Stanley's oldest son, his older sister Pansy, 45, has been running one arm of the family business, Shun Tak, which has interests in property and the fast ferries between Hong Kong and Macau.

Many have seen her as the heir apparent for the family business, while others speculate that Leong, who is in her late 40s, might also be keen to have a greater say in the running of the empire.

Lawrence Ho has set up his own Hong Kong-listed company, Melco, and has been at pains to set himself up as an businessman in his own right. Under Macau law no one can control two casino licences, so Lawrence would not be able to take over his father's licence in the city.

As with many members of the Ho family, it is not clear how much Lawrence would stand to benefit from his father's estate.

Although the eldest son has the status in Chinese families, the situation is vastly different from that of the Packer family where James Packer automatically stepped into his father's shoes.

Once Ho dies, his three living wives are expected to battle for the empire. Pansy has her own casino licence as part of a joint venture with US operator MGM Grand.

The rapid expansion of the Macau casino business in recent years, with the introduction of more Western-style casinos and hotels, has attracted many workers from Australia, including executives from Packer's Crown group, poker machine company Aristocrat Leisure, construction company Leighton, and others working in areas of food, services as well as horse and dog racing.

Airline Viva Macau operates services three times a week between Sydney and Macau.

Stanley Ho, who attracted attention recently for his donations to the NSW Labor Party and has property on the Gold Coast, lives in Hong Kong and is a director of more than 150 companies around the world.

His business interests stretch from China to Africa to Portugal and North Korea as well as Macau and Australia. Buyers for Ho are regular attendees at the horse saleyards of Sydney and the Gold Coast while Australians in the racing industry in Hong Kong work closely with him.

Ho's colourful reputation and allegations of links with organised crime (which he has denied) have counted against him in his moves to enter the casino industry in Australia and around the world. Yet Ho has been a force for stability in Macau.

He was recently behind the negotiation of an agreement to put a cap on commissions paid by casino operators in Macau, heading off a situation where operators were bidding against each other to attract junket operators and high-roller gamblers to their premises.

The rapid expansion of Macau in recent years has led to local concern about rising prices and an influx of foreign workers, which has prompted unease among locals.

There has also been concern that the city's best and the brightest are lured away from their studies to work as croupiers.

Beijing would be concerned at any unrest or outbreak of crime in the city, which now hosts more than 10 million visitors from China a year. Chinese officials have already sought to restrict visas to the city, concerned at the potential for visitors to lose their hard-earned money.

Ho's passing, when it happens, will leave a power vacuum in the region that many different interests may scramble to fill.
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Old August 26th, 2009, 10:41 AM   #73
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eSun Holdings: Pact With Taubman On Macau Proj Terminated
23 August 2009

HONG KONG (Dow Jones)--Hong Kong-listed eSun Holdings Ltd. (0571.HK) said Friday its 40%-owned Cyber One Agents Ltd. has terminated an agreement to sell a 25% stake in the retail operations of its Macau casino resort project to U.S.-based retail mall developer Taubman Centers Inc. (TCO).

The Hong Kong company said in a statement the agreement was terminated because the parties weren't able to secure all necessary construction financing for the project within a specified timeframe - a precondition to the venture with Taubman.

Cyber One Agents, which is also 40%-owned by U.S.-based New Cotai LLC and 20% held by Singapore developer CapitaLand Ltd. (C31.SG), signed an agreement in January 2008 to sell a 25% stake in the first phase of the retail operations of its Macau Studio City casino resort to Taubman for HK$424 million.

eSun said Cyber One has returned the sum of HK$424 million in cash paid by Taubman for the deal back to the U.S. company.

However, eSun said it is working with other shareholders and Taubman to see 'whether it might be possible to revive or reconfigure the arrangements with the Taubman Group,' but said it can't 'give any assurances that this will be achievable.'

The first phase of the Macau Studio City project, which is scheduled to open some time this year, will have a gross floor area totaling 3.7 million square feet, and will include several hotels and a casino, Macau Studio City said earlier. However, the company hasn't set an official opening date for the project.

New Cotai LLC, a consortium of U.S.-based investors including Oaktree Capital Management LLC will manage the casino along with U.S.-listed Melco PBL Entertainment (Macau) Ltd. (MPEL), one of six gambling license holders in Macau.
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Old September 1st, 2009, 05:53 PM   #74
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Barclays gets IPO role from Sands
31 August 2009
SCMP

Casino operator Las Vegas Sands has handed Barclays its first role in a Hong Kong initial public offering in a decade.

Sands, which wants to sell US$2.5 billion of shares in its Macau unit to repay debt and restart stalled casino projects, added the British bank to the deal alongside its regular adviser, Goldman Sachs.

Barclays won the plum job after helping Sands secure a crucial debt covenant lifeline from its banks after the casino firm nearly breached Macau loan agreements earlier this year, two people briefed on the situation said.

Barclays has not worked on a Hong Kong share sale since closing its BZW investment banking unit in the late 1990s. In Asia, it is best known for lending companies money and selling bonds and does not have a local team that specialises in helping companies go public.

Sands owes US$3.2 billion to its Macau lenders out of a total debt pile of US$10.4 billion. This month, Sands won a crucial six quarters of relief from its Macau loan covenants.

Goldman Sachs and Barclays, as lead arrangers of the loan Sands took out in 2006, helped persuade the rest of the lenders to allow the covenant waiver.

Goldman's role in the share sale was unsurprising, though. It has been advising Sands on fund-raising strategies for over a year.

Hong Kong's status as foreign investors' gateway to China means initial public offerings are a major money-spinner for banks here.

If Sands' share offering happens, Goldman and Barclays could share US$75 million in advisory fees, according to standard industry payment terms. And rival bankers, keen not to face even more competition in town, are already talking up what they perceive as Barclays' lack of credentials on this deal.

"Goldman may have to do a lot of the heavy lifting [on this IPO]," one senior banker at a rival firm said.

Barclays declined to comment.

The public offering has potential pitfalls. Sands' bankers must show it is a good time to invest in Macau, where the casino business is insecure because Beijing often restricts the number of trips mainland citizens can take to the gaming enclave.

They will also have to persuade money managers to take a rosy view of a highly indebted firm that has been grappling with project over-runs and delays. Sands suspended construction on its Cotai hotel and casino development in Macau last November, causing 11,000 job losses.

Competitor Wynn Resorts, which has not delayed any of its projects, is also planning to raise up to US$1 billion in a Hong Kong share sale in October. The Sands share sale may not be ready until next year.

Fund managers have said they may not have space in their investment portfolios for two Macau businesses.

Before Sands won the Macau covenant reprieve earlier this month, it was close to breaching the terms of the loan it took out in 2006 to fund its vast Venetian and Sands Macao resorts. Sands' Macau lenders required the firm to make a dollar of profit in the gaming city for every four dollars of cash it borrowed.

Sands just hit this target in the second quarter, reporting a debt to profit ratio of 3.83 times. In the second half, the loan-to-profit targets were to become more stringent. But now lenders are gambling on Sands raising cash in this offering, they have freed the casino giant from having to hit these targets for 18 months.

Barclays purchased the US and European businesses of collapsed Wall Street bank Lehman Brothers last September. Lehman was a lead arranger of Sands' Macau loan, and Barclays inherited that job when it bought Lehman.
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Old September 3rd, 2009, 04:53 AM   #75
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Las Vegas Sands adds bonds
Casino operator raises $600 million debt ahead of Asian IPO

3 September 2009
The Wall Street Journal Asia

HONG KONG -- Las Vegas Sands Corp. secured US$600 million in short-term financing through its bankers at Goldman Sachs to shore up its balance sheet ahead of a planned Hong Kong IPO of its Macau assets.

The Las Vegas-based casino operator, which runs the Sands Macao and the massive Venetian Macao resort-hotel in the Chinese gambling center of Macau, has made efforts to regain its financial footing after a difficult year in which its heavy debt burden and ambitious growth plans weighed on the company.

Las Vegas Sands, which opened a new casino in Pennsylvania earlier this year and is scheduled to finish a major project in Singapore next year, was forced to halt construction on several sites in Macau's Cotai area, where Las Vegas Sandschairman and chief executive Sheldon Adelson has bet heavily for future growth.

With the rebound in financial markets in recent months, Las Vegas Sands has been able to amend its US$3.3 billion Macau credit facility, as well as push ahead with plans to sell a piece of its Macau assets to Hong Kong investors.

The bonds, which will be exchanged into common shares of the Las Vegas Sands subsidiary at a 10% discount upon listing, will give the company an upfront financial boost, though it didn't say what it would use the proceeds for.

"The actions we have taken in recent weeks, together with the right-sizing of our cost structure and our on-going efforts to implement efficiencies across our operations, have clearly helped to strengthen our balance sheet," said Michael Leven, the company's president.

As the company's finances have recovered, New York-listed shares in Las Vegas Sands have risen more than eightfold from its bottom in mid-March.

The bonds will bear an annual interest rate of 9% for the first year and ultimately rise to 15% before they mature in 2014.
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Old September 8th, 2009, 06:32 PM   #76
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By ivan0201 from dchome :

MGM

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Old September 9th, 2009, 10:16 PM   #77
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wow that looks awesome
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Old September 10th, 2009, 05:52 PM   #78
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Macau gaming shares soar
4 September 2009
The Standard

Macau stocks soared yesterday, as reports of record gaming revenues in August prompted analysts to call the start of an economic recovery in the territory.

``While the competition in the gaming sector could remain tough, we believe the growing revenue pie is likely to stimulate further new investments and a better employment outlook,'' Credit Suisse analyst Cusson Leung said.

JPMorgan's Billy Ng said revenue in the Macau gaming industry will continue to grow strongly for the rest of the year.

Shun Tak Holdings (0242), a Macau- focused conglomerate controlled by the family of ``casino king'' Stanley Ho Hung-sun, rallied 10.7 percent to HK$5.79.

Credit Suisse yesterday hiked its target price for Shun Tak by 52.8 percent to HK$6.83, from HK$4.47, and kept its ``outperform'' call on the stock. ``Shun Tak remains the preferred play on Macau's economic recovery,'' Leung said. Shun Tak's earnings could surprise on the upside because of its columbarium project on Taipa Island, Leung said.

Shares of SJM Holdings (0880), Ho's gaming flagship, rose 9.5 percent to end the day at an all-time closing high of HK$3.56. Dore Holdings (0628), a VIP junket operator, surged 16 percent to 29 HK cents. Galaxy Entertainment (0027), controlled by Lui Che-woo, added 7.7 percent to HK$2.51.
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Old September 15th, 2009, 07:57 AM   #79
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Zhuhai and Macau reveal grand plan for the island they will run
15 September 2009
South China Morning Post

A more detailed blueprint for the island, Hengqin , that will be jointly developed by Zhuhai and Macau, was revealed by Zhuhai authorities yesterday, targeting a gross domestic product of 56 billion yuan (HK$63.5 billion) by 2020.

The scale of that ambition is apparent when it is considered that the bleak 106 sq km island has only 4,000 residents and recorded a meagre GDP of 128 million yuan last year. Mainland authorities had discussed its development a decade ago but it had been delayed because of the difference in political and legal systems.

Zhuhai mayor Zhong Shijian said the island had been divided into different areas for development and that the blueprint included one sq km for a new campus of the University of Macau.

Authorities said the island, part of the Zhuhai Special Economic Zone, would also pilot co-operation projects with Macau in customs, financial and revenue systems and land management

Niu Jing , deputy director of Hengqin's administrative committee, said that an innovation in customs arrangements would allow Macau students and staff to commute via a tunnel without going through immigration checkpoints. "Because the new campus will be operated according to Macau laws, both the university and we expect to make it a self-contained area that is separated from other parts of the island," he said, adding that the project could cost 3 to 5 billion yuan.

But Zhuhai authorities refused to say whether Macau would be able to send police to the campus.

Other projects on the island include a huge China National Offshore Oil Corp gas terminal; gas-engine generator projects costing 12 billion yuan; and a massive ocean-themed entertainment centre, said to be the largest in Asia.

It was last month that the State Council Standing Committee approved Hengqin island to pilot co-operation schemes between Zhuhai and Macau.

An expert who jointly drafted the Hengqin blueprint said that only enhancing cross-border co-operation could boost development in Zhuhai and Macau. "Neither Macau nor Zhuhai can be the big brother on the west coast of the Pearl River Delta," the expert was quoted as saying by 21st Century Economic Report.
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Old September 15th, 2009, 08:30 PM   #80
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Macau uni gets slice of China
The Standard
Tuesday, September 15, 2009

A one-square-kilometer site in Zhuhai has been handed over to the Macau government for the relocation of the University of Macau.

The university zone, which will be developed starting next year in Hengqin at a cost of least six billion patacas (HK$5.83 billion), will be 20 times bigger than the existing campus in Taipa and can house six to eight colleges.

Liu Jia, head of the new zone, said the land will be under Macau's jurisdiction for 40 years. "The Hengqin authority has laid the foundation for water and electricity supply as well as drainage," Liu said.

Situated near a business zone, the new campus will rise opposite Coloane Island. Dormitories, sports facilities, supermarkets and a clinic would also be built on the campus, scheduled to be completed within three years.

Hengqin welcomes universities, including those in Hong Kong, to set up regional research and development on the island, Liu said.
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