Here's the thing, drawnfire911...
Anybody who's ever studdied economics and has given thought to how "government interference" applies to the area above and below the cross-hairs of a "supply-demand" curve KNOWS that such interference leads to a less effective and less efficient economy.
That's why Obamacare is so damaging... because it violates the laws of efficient economics so VIOLENTLY... mainly by hugely rewarding lethargy, and punishing incentive and ambition....
.... and, by creating artificial demand for "cheap" healthcare while simultaneously pinching suppliers... which is why "long waiting lines" are the hallmark of such horrible laws in countries that are less vibrant than we "used" to be.
While IRA distributions "should" be taxed, due to the tax-exemptions that originally funded them, they SHOULDN'T penalize people seeking Obamacare subsidies, because such distributions constitute a form of "living on one's savings"... NOT living on one's "earned income"...
... but, of course, once you start throwing around government handouts, all KINDS of unfairness and fraud results, and society ends up seriously damaged.
Hope this helps,
I did reveiw the slides, and I think that's why I vaguely remember the location between CC and the retracted sites 7 and 8.
Perhaps the 2nd location is a future plan for remaining land on site 3 once Parisian is done.
I figured that LVS would be the bidder for licenses outside of Macau given that the parent company has the reputation behind all that they've done to develop the world's most marquee IRs, whereas Sands China is only a subsidiary owner of the macau resorts.
I hadn't considered the political problems between China and Japan, but you're right... that's another aspect of it.
Nice synopsis, my friend.
The mall mentioned was supposed to be aimed more at mass-market patrons, since the other cotai malls thus far are aimed at higher net worth patrons. I'm not sure it's location (I thought it was adjacent to site 7 on the far end of cotai central) so if you know where it's located, I'd appreciate your sharing.
LVS/Sands has been more aggressive with originating LIBOR-pegged loans from financial entities than any other gaming company, and that has saved them lots of financing costs relative to the bond issuance that other gaming companies are favoring.
I believe the reason is what I mentioned in a nearby thread... that LVS believes, as I do, that the fed will continue holding fed-funds at 0 to .25% "indefinately", and fed-funds is one of the primary determinants of the London Interbank Rate (eg: LIBOR).
The reason why I think that is because the lack of Investment Capital deployment in the U.S. is causing U.S. economic growth to emulate what we've been seeing in Japan for the past 23 years, and I can't see U.S. growth as being sustained if the fed starts jumping the fed funds rate... ESPECIALLY given that they've got QE to address before they can even BEGIN to address it.
We LVS investors owe a LOT to LVS's ability to see that over the past 4 years and continue to emphasize variable-rate, LIBOR-pegged financing alternatives over bond issuance, as it's been a significant component of LVS's success since the recession.
It was bad enough that ObamaCare has TRIPPLED my health-insurance premium since the first aspects of Obamacare started taking hold in 2010.
What is worse is that my Brother in Law, who QUIT his job last year, is able to get an ObamaCare "gold" policy for 1/3 what it is going to cost me for my ObamaCare "bronze" policy (Obamacare has directed my insurance carrier to cancel my existing policy).
There's nothing "fair" about any of this!! All it is is a law that takes money away from hard-working, middle-class citizens like me, and gives it to all the people who voted for Obama (mostly the 45% of Americans who don't pay the Federal Income Tax)...
... ObamaCare is essentially, the BIGGEST MIDDLE-CLASS TAX INCREASE IN MY LIFETIME... which is yet ANOTHER thing that Obama promised he would never do.
Karl Marx is famous for saying: "from each, according to his ability, to each according to his need"...
... I guess we needed to wait for Obama to "implement" that creed... not surprising, as Mr. Obama's most influential, father-figure when he was growing up was Frank Davis, a card-carrying member of the U.S. Communist Party.
This would end up being a relatively "modest" improvement for November.
Last November came in at 24.9 billion patacas, so a 20% YOY improvement puts them at almost exactly 30 billion MOP, which is about on par for the monthly run rate for Q3 (excluding October, which was the golden week month).
The problem I have with it is that November of 2012 was weak (dec. 2012 recorded 28.2b MOP and Nov. 2012 only improved on Nov. of 2011 by 1.3 billion patacas), so I was hoping for something more in the area of a 23 to 24% improvement.
Still, I'm starting to think that Sands is in a good position to do well, market-share-wise, when overall business slows in macau in any given month.
The reason is because Sands is about the only concessionaire with spare room capacity for mass-market gamblers who pay cash for rooms and want to be in the vicinity of the casino(s) they play in.
I think we're going to find that Sands gains little during major holidays, as all hotels fill up anyway and the excess patrons rent rooms away from the resorts downtown...
... whereas during slower times, the marginal loss of patronage will be away from the gaming resorts, and Sands will still achieve high occupancy, and associated gaming revenues, from those punters who can't get a room at any of the other gaming resorts, which have so little comparative capacity.
Reports are that he upped his dosage when he shot up meth this morning and went crazy (-ier than he already is).
He ended up accidentally logging into the GE message board instead of LVS, and spewed a foul-mouthed, rant comparing Spokanimal with Barney the #%$* dinosour.
GE subsequently contacted NBC executives who, together with Barney's producers and representatives of a dozen, "children's advocates" activists, notified law enforcement, who ended raiding Tony's 2nd-story, studio apartment just as Tony was returning from the liquor store down on the first floor... high as a 100-story building on Meth and Vodka.
At last report, he was in a straight jacket in a downtown LV de-tox detention facility, mumbling expletives about how Spokanimal wants to take away the massive subsidies on his Obamacare and force him to go to work for a living.
More, as it becomes available.
Quad, while I agree that NOI can be quite "lumpy" for a BDC like this that has a portfolio that's primarily comprised of equities. Because ACAS is mostly equities, more emphasis is put by analyst's like me on NAV rather than NOI, which is used more for BDCs that engage more in income investments in their portfolios.
I see what ACAS's NOI difficulties are, and what they said they're going to do to improve it by carrying the paper on loans to the operating companies they hold more than 80% equity in.
The problem is, they own a lot of small to mid-sized growth companies and the stock market did quite well in Q3, so you DON'T expect their NAV to drop when the effect of the share buybacks are excluded...
... whether or NOT they wrote down their mark-to-market valuation of ACAM.
Hope this helps,
One way to value contrarian plays like Transocean is to compare recent events to those that prevailed when RIG hit it's 52 week high earlier this year.
To make a long story short... RIG is much lower today, on much better news, than it was then.
That is a sign of "un-recognized value", IMO.
Motley Fool is where a lot of young, green, wanna-be analysts go to write their stuff.
Travis Hoium is not a CFA, and never uses any techinique or terminology in his writings that would indicate any proficiency in that regard. If memory serves, his BA was in something un-related to finance/economics.
Thought I would bump this for easy reference.
I believe September came in for Sands at 22.8 or 22.9% (abc, please check that)...
... and October came in at 20% (rounded?) vs 26% for SJM/SJM 3rd parties and 21% for Galaxy.
... of the month.
Anybody seen any MTD, market share data for November yet?
Given Sand's share drop from ~23 to ~20% from September to October, I'm curious now that we're into a non-holiday month.
If the LIBOR peg is 30 or 90 day LIBOR, then the total rate on that facility would be under 2.5% annual rate.
I've been doing the same thing with any credit I personally carry and have eliminated all but one fixed-rate loan in favor of all variable rate financing at between 2.7 and 3%. The reason, is because I think we're still a LONG ways from seeing a bump in the fed funds rate by the Fed...
... heck, they've still got to address tapering QE before they'll ever get around to a fed-funds adjustment, and they've already said the taper will be very gradual.
Except that it would probably be LVS that would build in Japan, rather than Sands China.
My thinking is that the loans would be for the simultaneous Parisian and St. Regis projects.
nyc, all economics is relevant to investing.
You might say I never miss an "opportunity"... whereas, I would say that there's nothing at all "out of the ordinary" about the way that macro-economic metrics impact us as LVS investors.
I pointed out that large, special dividends result in the Extraction of Investment Capital from corporations because it is the unwillingness of corporations to "Deploy" Investment Capital into expansions of their U.S. operations that is at the VERY HEART of this country's in-ability to GROW economically...
... and that companies' reticence to deploy investment capital is DIRECTLY RELATED to Obama's "anti-capitalism" philosophies and policies.
I'm on these boards to inform people about EVERYTHING that has to do with success in the financial markets and with LVS, and Mr. Obama's anti-capitalism crusade is a central part of that effort.
Anytime you want to tear tony away from his hash pipe, just reply to any of the dozens of anti-tony posts...
... takes 30 seconds, but gets him pounding on his computer keyboard for a half hour of post garbage to bury your post.
It's funny, really... anytime you get bored, just type a little to jerk his chain, and he goes off like dynamite in a pressure cooker :-O
True, and the only special dividend LVS has ever issued corresponded to an impending hike in the tax on dividends effective 1/1/13.
A lot of companies that don't normally do special divvys did THAT one, and the ones most incentivized to do it were the ones controlled by billionaires, who are the shareholders most targeted by Obama's dividend tax increase.
I would add that all those tax-related, special dividends removed a lot of "investment capital" from a lot of companies... in many cases, that was investment capital that might have otherwise been deployed by those companies into jobs-producing expansions...
... which, of course, is the reason why Obama-style taxes on those with investment capital (eg: the wealthiest citizens) results, in the aggregate, in the depletion of jobs in America.
They won't. They don't police these boards.
Now watch... the moment Tony sees this thread on page one, he'll shoot up and start banging away on his keyboard like a maniac to shove it to page 2 just as fast as his scrawny little fingers can get it there (LOL).
Sickest poster on yahoo, for sure.