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Asia Entertainment & Resources Message Board

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  • vonaboy vonaboy Sep 13, 2011 2:36 PM Flag

    Why is the roadshow such a disaster?

    You did a pretty good job

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    • 1. poor timing, market uncertainty
      2. institutions like story and management, but as stock gets cheaper the institutions don't like stocks on sale and want to build positions lower
      3. liquidity concerns, no stock available for interested institutions
      4. institutions understand Macau and the risks of investing there
      5. face-to-face meetings with management send credibility concerns meter off charts
      6. institutions understanding that junket business only exists because Yuan not convertible and gambling debts not enforceable under Chinese law
      7. valuations too high given liquidity, governance, business model, etc.
      8. auditor concerns
      9. CFO's lack of GAAP, independence, oversight, internal control
      10. Macau growth to slow due to global slow down?
      11. Others? Anyone?