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.
Their commentary about carrying debt issued to portfolio companies, rather than syndicating it (jettisoning) as they have in the past, would indicate that that is one way they intend to apply their working capital to their operations.
Their rationale was twofold: 1) They would collect the interest paid and; 2) As the debtor, they wouldn't likely be as restrictive toward the said portfolio company also issuing a dividend... and since ACAS either owns, or majority owns, the portfolio company, they get the divvy too.
This sea change of carrying the paper is obviously in response to investor angst about ACAS's low cash flow and NOI, given that it's primarily a BDC that's invested in "growth" companies that produce little income.
The FLIP side of that, is that it would consume a lot of the company's free cash flow, and thus potentially leave less of it lying around to use for ACAS share buybacks similar to the very large one they did in Q3 of over 13 million shares.
There's always a tradeoff, but I like that they're balancing such investment better with the share buybacks, even if the buybacks are at a 30% discount. You've got to optimize the business you're in, or the discount will persist.
I hear you. LVS is very "transparent" into the out years, and that makes for a good carrot.
With other stocks, like tech stocks, there's very little such transparency, because you never know what the next gadget is going to be at a place like Apple, how well it'll be received, or whether it'll stand up to the galaxy S6 or whatever.
With LVS, you can better guage the impact of the bridge, trains, Parisian, and other such high barriers to entry into such a bricks-and-mortar industry, and as such, it deserves a P/E multiple premium due to that transparency.
I own less LVS than I amassed in 2009 today, because I sold about 4% of my position in late 2010 after the ramp-up of MBS pushed LVS modestly into "euphoric" territory (IMHO). I would have sold substantially more than 4% if LVS had pushed into the $60s at that time and started to look like 2007 all over again, which it didn't.
By the same token, I'm very vigilent in looking for "euphoria" now, and I don't see it for reasons I stated in the lead post above. Even though LVS is richly valued, it's value is still good "today", relative to the growth that I anticipate in 2014 and beyond.
A comment on Galaxy's "largest, undeveloped landbank in Macau"...
Most of that landbank is contained within one, giant parcel, where the "galaxy cotai" resort is located.
What I'm wondering is: how many casinos can a concessionaire operate on a single parcel?
If it were not for just 1 exception that I know of, my observation is that it's 1 casino per parcel.
Remember that Cotai Central has 2 casinos because it's built on 2 parcels... sites 5 and 6.
The only exception I know of is cotai parcel 1, where both Venetian and the 4-seasons resort have separate
Perhaps the 2, largest parcels (Venetian's and Galaxy Cotai's) are exclusively allowed 2 casinos each.
Willie, are you aware that you can post an unlimited number of characters out here, so long as you paste them into the text box without modifying the text in any way?
Saves on having to post a good piece like this in 2, separate posts.
These are definately looking like they'll end up being joint ventures.
LVS's relatively deep pockets and proven examples would likely jump their equity stake relative to other players.
He won't disappear, qz, unless yahoo bars him, which they won't... they simply don't care because they don't allocate any resources to this application.
You can't view a "manic-obsessive" from a normal perspective, qz. People with that disorder are driven 95% by the attention they get, and barely 5% by any admiration that may come from it. Think of it like a housecat that knows it's master doesn't approve of him jumping onto the counter, but if that's the only way it can get attention, it will jump up anyway, so long as the result isn't something too "painful"...
... and there's no pain in shooting up meth everyday and pounding 1,000, 1-liner messages into a God-forsaken message board when the message board administrator has been defunded by Yahoo.
... it looks like the company may be buying back stock after the Q3 earnings fallout.
Now, if we could just get Carl Icahn involved, now that Paulson has caved.
Agreed. Unless you can post some kind of current metric or company strategy to support your contention that the stock will blast off to the upside, as you suggest...
... there's no point in continuing this discussion.
The best thing yahoo could do for these boards is to eliminate the ability to create alias's.
I'll bet you can't name one, single, constructive thing that they are ever used for.
Anyone "hiding" their identity with an alias can have only one objective... "deceit"
All of the good posters I know on these boards have no need to create an alias.
Tony turned this board into a political board during the last presidential campaign and began creating a half-dozen alias's each day beginning with "ObamaHussein" to make his intentions in that regard very clear to everyone. Today, he shoots up Meth every morning, then goes on a posting binge for upwards of 36 hours straight, sometimes posting upwards of 800 to 900, one-letter posts onto this board for the sole purpose of completely dominating it with the sewage that he's become so well known for.
Don't bother complaining to Yahoo... they don't care.
The posters who prefer to talk intelligently about LVS have moved to other boards, now that this one is trashed and used almost entirely for politics per Tony's intent.
Sorry you didn't get the memo.