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squeezetracker 259 posts  |  Last Activity: 3 hours ago Member since: Apr 5, 2011
  • Reply to

    MPEL trade in Hong Kong tonight

    by lawstuff22 Jan 4, 2015 9:08 PM
    squeezetracker squeezetracker Jan 5, 2015 12:35 AM Flag

    Now a whopping total of ~90k ADS shares down a little over 3%... makes one feel bad for the poor little retail investor in china who can't own stocks listed in the U.S., doesn't it.... particularly since Morgan Stanley just flagged MPEL as the best catalyst story in Macau/Philippines and suggested it is time for the Macau stocks to rally hard, beginning this month, and the HK listed shares of the companies that do have volume trading there (not 68% controlled by the co-Chairmen) are up 2-3% there this morning.

    Meanwhile, whomever is buying the shares being tossed out the window there today obviously understands what is happening... no, MPEL is not going out of business or being forced to delist -- it is doing so because it is uneconomic and too confining (buybacks) to stay on the HK exchange when all but 5% of the stock or so is institutionally owned by Packer and Ho (who together own some 68+% of outstanding shares now and neither of whom has sold shares since the ipo) and U.S. based money managers.

    Hopefully the Company is gobbling up all shares that panicked, ignorant retail shareholders in China are throwing overboard while the uninformed selling lasts... that would be sporting of them.

  • Reply to

    Hong Kong Delisting Recap (yawn)

    by squeezetracker Jan 4, 2015 6:51 AM
    squeezetracker squeezetracker Jan 4, 2015 11:20 PM Flag

    Just back from dinner and heard Bloomberg Asia dufus reporter they held out as the local expert suggest the delisting is because the stock was down ~40% in macau so HK is not where they want to be,esp since there is far more trading on the NASDAQ. How about that the HK listings for Galaxy and Sands China were down more in 2014, and that the HK subs for WYNN, LVS and MGM all traded like schmeck in 2014 as well? The F head even had a chart showing MPEL relative to the HK exchange for 2014. Holy #$%$ stupid and incredible to think these morons get paid for such blithering... and another fine example of why the CNBC and Bloomberg monitors are muted on every trading floor on the street unless someone like Bill Gross,, Lazlo Biryni or Lee Cooperman is commenting on markets for a minute... but at least one "journalist" copied directly some of what I wrote here this morning. LOL

    Not even the idiot bashers and remaining short putzes here are stupid enough to suggest anything that lame -- notice only dthe98 and blacknite dip#$%$ tried to spin this news negatively but had nothing to say as always? And check out that Shuli Renn/Barron's reporting tonight... could it be the Moron Stankey and soon even McKnight, Karen (Somting) Wong and the other dopey analysts are part of the early turning of the worm for the Macau names? Remember these idiots all had buys on until Ho reset mass and VIP expectations in early August and have been roundly negative on the Macau names right up through this new perspective from MS...

    Hey casino and paulchronis... thanks for the nice comments. Good to some here can still process information after months of stupidity here from the "little girls on aol" including matrixtrade and his Shirley Mason multialias boyfriend blacknite/idiotpumper/mytek/tahoejkfkuimbecile/fkuNYC and the other 5-6 aliases that I forget. The funniest part? Clearly the other short putzes' bosses have already covered and moved on while these idiots blaze on. ROTFL

  • squeezetracker squeezetracker Jan 4, 2015 11:14 PM Flag

    bump for those who missed this VERY important development... file this under "gifts" from Xi Jinping and the new regime/finance minister he just installed in Macau... right along with the new 24 bridge, clarity that they are after "illicit transfers of money and those who have defrauded China, easing real estate restrictions to support vlauations, cutting bank lending rates and promoting credit extensions. and praising Macau's civility and compliance vs HK and Taiwan "problem childs" of late...

    Next "gift" up may be the new regime clarifying that they are not going to constrain new tables to 3% ave/year (150 or so) out to 2020... at that allocation rate, Galaxy, MPEL, and LVS alone would need them all now, leaving none for WYNN or anyone else. Thankfully for MPEL (entertainment showplaces of HODW, Studio City, significantly expanded retail and dining,etc), WYNN (the darling lake coming for all Cotai visitors to enjoy) and LVS (MCE facilities, retail, dining, and the coming mall) shareholders, these companies have made major commitments to "diversify" away from only gaming as the emphasis... the rest of the "elephants in tutus posing as ballerinas will have to do some shifting in the entertainment/tourism direction to win favor of those granting tables for the casino operations they want .

  • Reply to

    Hong Kong Delisting Recap (yawn)

    by squeezetracker Jan 4, 2015 6:51 AM
    squeezetracker squeezetracker Jan 4, 2015 8:50 AM Flag

    Regarding avoidance of the "administrative and regulatory burdens" delisting from the Hong Kong exchange will provide, the redundancy of filing all press releases, periodic reports (NASDAQ AND HK requirements have several differences), and accounting/legal reviews, etc, a key differential is that for HK Listings, no more than 75% of the listing company's ownership can be beneficially owned by control parties (here, Packer and Ho's beneficial is presently around 68%). The current buyback authorization at ~$25 per share would take that up to close to 70%, meaning that the future rounds of share repurchase capacity would be limited to around 7-8% of outstanding shares as the Packer and Ho (shares owned personally and in their controlled separate companies) combined ownership approaches that 75% limit.

    The NASDAQ listing requirements are FAR more lenient in this regard, esp after initial listing hurdles. In the case of common stock, the operative limits are that the "publicly held shares" (i.e., apart from the total of direct and indirect beneficial ownership of officers and/or directors and any others owning more than 10% are not consider to be "public shares") must exceed 500,000 shares -- MPEL has ~543m ADS equiv shares o/s after the Dec Q buybacks. NASDAQ also requires public share total capitalization to be at least $1m and trailing ave share price to exceed $1/share.

    Again, the NASDAQ rules on "public float"/ownership are very lax vs the HK exchange's requirement that 25% of o/s shares must be in "public" hands apart from control entities as defined.

    MPEL repurchased roughly 3% of outstanding shares over the last 4 months with a w ave cost of ~$25/share. The 13F filers (US money managers owning some 24% of the company on NASDAQ) and another 4-5% of so of exempt money mgrs) who have also added significantly of late obviously think the stock is going higher -- and MPEL is thinking ahead as to greater flexibility on buybacks,esp if Japan is delayed further.

  • The "sneak preview under the "soft opening" that has been esentially limited to locals through the end of December is now on to the next phase of the rollout.

    Nobu (Japanese themed) is the only one of the three hotels taking international reservation so far, and rack rates are good only out until end of january... presumably they intend to change them as the rest of the casino/tables are ready to come up on the "Grand Opening" planned for prior to the Chinese New year Celebrations in February.

  • squeezetracker by squeezetracker Jan 4, 2015 6:51 AM Flag

    Several threads have opened sharing confusion here, yet the rationale for delisting from HK exchange is simple: 99.99% of trading in MPEL shares take place as ADS trading on the NASDAQ exchange for years, and the HK listing gives the company zero benefit as well as imposing admn costs/burdens (e.g., reporting daily buyback and cancellation notices) they want to eliminate.

    My comments from another thread redux:

    "MPEL announced today they are going to delist the shares from the HK exchange because there is no meaningful activity and they want to save the admn costs of the dual listing. Good idea...

    WRT my comment above from 9 days ago:
    "As noted many times here, unlike the HK shares for the other U.S. listed gaming companies, the MPEL listed shares essentially do not trade any volume there in no small part because Lawrence Ho and Packer (co-chairmen of MPEL) control 68% of the shares through their separately owned companies -- and essentially all the remaining float is institutionally owned and traded as ADS shares here. This dynamic is manifested in typical daily volume of the ADS equivalent of less than 15,000 shares..."

    Today's press release announcing they want SH approval to delist from the HK exch (a slam dunk prima facie but especially given Packer and Ho control 68% of the stock) makes it obvious they think the HK listing/activity is worthless to trading velocity/cap markets visibility. Again, through their separately owned investment companies Packer and Lawrence Ho each own roughly 1/3 (together 68%) of the company and, excluding maybe around 5-6% retail holding here via the ADS listed shares on the NASDAQ, the rest of the shares are owned by professional money managers trading the ADS here in the U.S. market. Glad to see the two billionaires controlling this company act to enhance sh value to get this done."

  • squeezetracker squeezetracker Jan 3, 2015 2:04 PM Flag

    to clarify on the table allocations sought (meant 100% above), in addition to virtually all existing Cotai properties requesting additional tables, there is a total of 8 new properties coming on line f30months, with Galaxy MPEL (SC phase 1) and WYNN (Palace) all asking for upwards of 400-550 tables apiece in those new facilities. In total for Cotai, some 4000+ new tables are sought for the new properties coming on line... throw in a few more for each existing property and it is obvious that adding an average of 150 or so tables a year between now and 2020 is not "fair and rasonable" vs assurances given at the time of capital commitment to building another $25B of "fully Integrated Gaming and Leisure Resorts" on Cotai. Again, those counts do not include restoration of desired table counts on the Penninsular (where tables have been shifted from to Cotai) or any add-ons for phase two projects (Studio City in that queue) or other unknown allocations in queue (such as Tam's wharf grant of 75 tables last Fall).

  • Reply to

    Macau GGR down 2.5% for the year

    by grftt Dec 31, 2014 7:23 PM
    squeezetracker squeezetracker Jan 3, 2015 1:38 PM Flag

    "Douglas,"
    You are sounding more short by the day... gee, if the stock went down Friday because after reporting that Dec VIP GR was really soft, a well known outcome repeated for the 78th time by Bloomberg and Barron's Friday, maybe the remaining naysayers should all jump out the window head first... the good samaritan in us would hope you all land sure it is the first floor so you guys don't hurt yourselves right before everyone gets back from vacation next week.

    Golly, where is the myopic press on discussing that 80% or so of peak VIP play is still happening, even in the run up to Xi Jinping's visist last month? Or how about that 95% of MPEL's ebitda was from mass gaming last Q, so the brunt of the VIP compression is continuing to be a bigger risk to the likes of Galaxy, MGM and WYNN than MPEL or LVS... dislocations eventually resolve to those doing the work and seeing past the negative spin meisters.

    To your comment above, likely more than a few paniky retail holders bailed out Friday taking gains in the new year and afraid of another drop... yet the actions of the 13F filers and others exempt from filing (buying last Q and up through year end) we know would suggest all of the bad news and another 20% is "priced in" down here... geepers Wally, who is on the buy side of this dislocation besides Packer and Ho? LOL

    And did you guys see that Sputnik (official Russian paper) suggests Xi Jinping's corruption crackdown in beijing has netted some 18,000+ corrupt political foes of the Jinping regime? Not sure if that figure is accurate, or out of the 75,000 reviewed so far which Beijing shared had "ruined the political careers of some 760 officials", but the Russian number is a big one focused on those officials involved in "private clubs" and "shady deals" involving public officials and their cronies stealing from China via fraud... none of that has anything to do with Macau per se, even though the naysayers here continue to say it does.

  • squeezetracker squeezetracker Jan 3, 2015 1:13 PM Flag

    MPEL announced today they are going to delist the shares from the HK exchange because there is no meaningful activity and they want to save the admn costs of the dual listing. Good idea...

    WRT my comment above from 9 days ago:
    "As noted many times here, unlike the HK shares for the other U.S. listed gaming companies, the MPEL listed shares essentially do not trade any volume there in no small part because Lawrence Ho and Packer (co-chairmen of MPEL) control 68% of the shares through their separately owned companies -- and essentially all the remaining float is institutionally owned and traded as ADS shares here. This dynamic is manifested in typical daily volume of the ADS equivalent of less than 15,000 shares..."

    Today's press release announcing they want SH approval to delist from the HK exch (a slam dunk prima facie but especially given Packer and Ho control 68% of the stock) makes it obvious they think the HK listing/activity is worthless to trading velocity/cap markets visibility. Again, through their separately owned investment companies Packer and Lawrence Ho each own roughly 1/3 (together 68%) of the company and, excluding maybe around 5-6% retail holding here via the ADS listed shares on the NASDAQ, the rest of the shares are owned by professional money managers trading the ADS here in the U.S. market. Glad to see the two billionaires controlling this company act to enhance sh value to get this done.

    btw, Based on the daily updates and cancellation notices, it is now clear they did a little over $200m of buybacks for the December Q on top of the $100m done in the September meaning they have taken out roughly $300m worth of shares at approx $25/share or roughly 2.2% of ADS equiv o/s shares at the start, leaving some $200m remaining under the current plan. Good to see them taking these proactive steps to shout how they feel about the current dislocation in the shares.

  • squeezetracker by squeezetracker Jan 2, 2015 11:48 AM Flag

    This summarizes the negative headline news from late July through the end 2014 news (but unauthorized UnionPay swipes rehashed for the 79th time?)... and pretty easy to suggest GGR comps will be tough through at least last Feb's 42% yoy increase as well... and even the biggest skeptic has to laugh at the analyst commenting that the big growth numbers in 2010 and 2011 are unlikely to be seen again... those years are coming off the very troubled late 2008 and 2009 levels caused by the financial crisis... and the big bump years they note of 2010 and 2011 also had the lapping of all of Cotai coming on line, including MPEL's COD in 2009. At least this author from bloomberg is knowledgeable enough and actually a journalist such that he is among the first to point out that the "corruption crackdown" is about shutting down "illegal funds" and transfer thereof as contrasted with trying to eliminate gaming through junket tours and otherwise ruining the Golden Goose that is Macau.

    Also, beyond the WSJ and one other publication this week, seems it may take a few more articles pointing out that still 80% or so of peak VIP GR is still playing in Macau -- obviously not corrupt Beijing officials or fraudsters being chased by Jinping's Fox hunters -- and that mass is holding up despite the data noise (smoking ban table shifts ti VIP) and adverse publicity re Xi Jinping's "corruption Fox hunt."

    How long until this morning's tricky january start on all stocks resolves to continuation of the broad-based bull run? Hard to imagine U.S. listed stocks getting seriously clobbered anytime soon given the world remains awash in liquidity with more QE (and strengthening USD) coming from everywhere except the U.S. Fed... As for MPEL? The Xi Jinping updates and LVS permit news has said a lot... next on tap are the table allocations... good news there will inform all the the green light is back on for Macau -- unless one is amongst the Xi Jinping "fox hunt" targets.

  • squeezetracker squeezetracker Jan 2, 2015 7:52 AM Flag

    Balanced, no, actually skewed favorably, article out of Forbes yesterday as regards Macau prospects for 2015. Seems he's done thinking that Vegas is going to be a sustained diversion, too.

    The author's thoughts on the flailing development plan for the Aquis resort shouldn't surprise those paying attention either... Aussie gaming remains unlikely to be a serious competitive threat to Macau when the patron is Asian gaming as it will continue to have the core problem discussed above and on other threads.

    "Tony Fung takes a walk from Aquis: A $7 billion resort at the far end of Queensland always seemed far-fetched, even for a seasoned Australian investor and Hong Kong finance titan like Tony Fung. Since Queensland officials decided to play hardball on Fung’s acquisition of Reef Casino in Cairns, near the Yorkeys Knobs site proposed for his massive Aquis resort, Fung has hinted he’ll take his money and connections elsewhere. He’ll make good on the threat and a desperate Queensland government will come running after him, offering an even sweeter deal for a smaller investment."

  • squeezetracker squeezetracker Jan 1, 2015 5:24 PM Flag

    It wasn’t the first time the Communist Party’s flagship newspaper has compared Hong Kong unfavorably with Macau in recent weeks, but the language in this week’s editorial was more strident. The heavy praise for the gambling hub comes shortly after Chinese President Xi Jinping visited the former Portuguese colony to celebrate the 15th anniversary of its handover back to Chinese rule and the inauguration of Chief Executive Fernando Chui for a second term.

    “Why has the gambling port remained quiet while neighboring Hong Kong has erupted in protest?” asked a story in the English-language edition of the Global Times, a nationalistic tabloid, as Mr. Xi was preparing for his visit. It went on to suggest that a stronger history of legal education in Hong Kong and a generally more peaceful populace in Macau explained the difference.

    The People’s Daily editorial highlighted Macau’s “stunning” economic growth rate in recent years, and argued that Macau is a “harmonious” and “stable” society. Mainland Chinese tourists can feel the “warmth” of locals when they visit Macau, it said.

    “Macau people are content and grateful. Hong Kong people are a bit rebellious and resistant,” it added.

    goog title for more if you have a WSJ or Barron's subscription... good to read something other than Shuli Renn and Jim detar's #$%$ "reporting."

  • What? Macau getting some respect in official Chinese State media? LOL Beijing is now praising Macau very publicly... everyone welcome to go enjoy Macau, eveyone except "corrupt officials" and others out of favor with the Xi Jinping regime and "Fox hunt"... including anyone friendly with the prior regime or Zhou, the former director of China's national Security who is now imprisoned in China. But in relief for the casino operators everyone who is not a #$%$" can begin to resume a sense of normalcy soon... that means mass GR along with, still 80% of VIP continues to play in Macau. Vegas GR remains absolutely hosed since the neg 12% yoy on table games in Vegas though... none of the Asian VIP tours are coming to Vegas anymore... and the bs policy of 3% table growth limits (when the 8 new properties need more like a 200% increase forward 30 months) ought to soon be discarded toward a logical end, too.

    Dec 31, 2014
    Beijing has a new favorite Special Administrative Region, and it’s not Hong Kong.

    In light of recent pro-democracy protests which have roiled Hong Kong, China’s state media has trumpeted the virtues of Macau in recent days as a warning to the former British colony.

    “The road is hard for Hong Kong as it is wearing the right shoe on its left foot,” said a headline in the overseas edition of the People’s Daily on Dec. 29.

    The accompanying editorial (in Chinese) extolled Macau’s efforts in catching up with its “big brother” S.A.R. in a number of areas including economic growth and crime rates. Hong Kong, in contrast, continues to lose its advantages over its tiny neighbor despite being one of the “Four Asian Tigers” once upon a time, it said.

    It wasn’t the first time the Communist Party’s flagship newspaper has compared Hong Kong unfavorably with Macau in recent weeks, but the language in this week’s editorial was more strident. The heavy praise for the gambling hub comes shortly after Chinese President Xi Jinping visited the former... co

  • Reply to

    north of the 50 dma

    by toast22342000 Dec 29, 2014 11:32 AM
    squeezetracker squeezetracker Dec 30, 2014 11:29 AM Flag

    toast, you have said many times that the stock is dead until GGR recovers, including last week at the precise bottom seen this year (i.e., the retest of the july 2013 low on the 17th).

    My point here was that the stock has rebounded a bit without any notion of improving GGR anytime soon and there is nfw any quality buyside firm is ascribing more than 2 cents per share to a 7 years out "maybe" on japan... the optionality here is that Macau is not permanently dead on mass, premium mass or GGR... and MPEL is better situated than any other firm in that regard, including the little piece in Manila that may one day become far bigger than anyone is contemplating save perhaps Packer and Ho.

    WRT "recovery" for the stock, I'll think of the reversal as that once it blares past the 200d ema just above $30 on heavy volume... it is not going to get there until everyone can see that GGR is far from dead in macau and that the best days are ahead on that score. Only those willing to play on value and baseline ebitda multiples should be involved in the stock between now and then... of course, this is all about risk/reward, a longtime theme here. Do have a look at the weekly chart though... nice spinning top below $24 -- so only the "lucky ones" (LOL) shorted or sold out at $21 the day you said one "can't fight city hall."

  • Reply to

    north of the 50 dma

    by toast22342000 Dec 29, 2014 11:32 AM
    squeezetracker squeezetracker Dec 30, 2014 8:17 AM Flag

    forgot to add that tax loss selling is largely over for pm in October... so perhaps you meant trivial retail ownership/volume in this name somehow matters to a 5m shares/day tape?

    As noted several times here (though matrix dolt and his pal wet themselves over vocabulary LOL) box shorting mattered this Q -- right up until Xi Jinping left without killing the Golden Goose... but I digress

  • Reply to

    north of the 50 dma

    by toast22342000 Dec 29, 2014 11:32 AM
    squeezetracker squeezetracker Dec 30, 2014 8:08 AM Flag

    huh? Go back and read your "you can't fight city hall thread" top to bottom... you posted that on december 17, the same day I suggested the retest of the July 2013 low was a big event in chart terms... and after repeating many times that the "coming reversal, in a matter of days, weeks or months" had the potential to be quick and sharp. The stock is up some 24% over the last 8 trading days toast... and GGR is sukin for the month and Q and has no observable turnaround just yet (except to repeat that still some 80% of VIP play continues and the noise in the mass numbers will take a while to sift well) as has been regurgitated for months now...

    Here's one of your many comments (Dec 17 -- 12 days ago) that VIP/GGR turning up is the only way this sector/stock are going higher -- into the teeth of my suggestion the entire sector has been ridiculously oversold and is way overdue for a reversal.

    "It should be noted that while 2015 GGR growth is predicted to be negative it is also predicted to pick up in the back half and return to single digit growth in 2016.
    To me all that stuff means I have to decide if I'm willing to accept MPEL is dead money for at least another quarter unless an unexpected turn occurs in Q1. "

    On the same thread, here was my comment on analysts/reversal:

    "So now, as even the shorts posting s head commentary here all month are pointing out that most analysts are sukin, those "listening to the analysts" are likely to wind up on thew wrong end of the reversal, just like they did in late 2012 and mid 2013 and early 2014 and reloading the dip before the retest/double top in March...

    Seriously toast, the "analysts" are F worthless on this sector. On the airlines, oil& gas, banks and many sectors there are several excellent analysts, but seemingly only Bain actually talks to the exec teams even... the rest can;t even get the facts correct most of the time, let alone share worthwhile insights.

    and "So far this month" -- this is the Xi Jinping month"

  • Reply to

    ICAHN's HUGE BUYS LAST WEEK AND IMPLCATIONS

    by squeezetracker Dec 22, 2014 9:31 AM
    squeezetracker squeezetracker Dec 30, 2014 7:41 AM Flag

    This stock has another $5 to go near term, and then another solid bump when they get the financials filed and the equipment company spinoff done ahead of schedule.

    Our re-entry on CAR at $48 is running well too... close to closing that one out again but riding high for now. Those shorting these names at recent lows simply do not understand the business or the markets.

    Amazing this robbbeatch putz continues to post here all day long... Who is paying these morons trying to influence small retail holders when the tape runs 10m shares a day? Tragically stupid...

  • Reply to

    north of the 50 dma

    by toast22342000 Dec 29, 2014 11:32 AM
    squeezetracker squeezetracker Dec 29, 2014 10:32 PM Flag

    One more comment on japan before we go off to dinner...

    Hard to say this is more than 2 cents of discounting here since the stock dropped on all the bs noise before AND after Abe's snap election. Again, N.B. that the Dec month GGR will be awful and so will the Dec Q, and the Macau stocks are now rallying hard on that very visible "bad news"... the stocks will smoke higher once THAT turns around, even if it takes until visibility improves on the 8 new properties coming in Cotai... but in the meantime, it is good to see that imbecilic "basher" putzes getting socks full of horse dung stuffed down their throats as their bosses' capital get thrashed. It could not happen to more deserving idiots.

  • Reply to

    north of the 50 dma

    by toast22342000 Dec 29, 2014 11:32 AM
    squeezetracker squeezetracker Dec 29, 2014 10:21 PM Flag

    Although you and one other quality longtimer here have suggested that the Macau stocks would not recover until VIP and GGR recover, that is decidedly not happening just yet. in fact, the casinos are about to report a really bleak December month and quarter... and yet, the stocks are rallying... sharply at that.

    You ascribe that to the buyback vand then the hope that Abe gets legislation done that will enable awarding concessionaire licenses to develop IR over the next 5 or so years earliest. Clearly those are not the reasons the stocks are rallying... MPEL's buyback went on for 12 consecutive days and only on the last few did the stock stop falling. In the end analysis, buying in the first $100m last Q at $27 was a statement, but buying in another $200m+ at ~$24 blended was a louder statement that the Packer and Ho brigade is #$%$ at the stock valuation and going to do something about it as discunting will soon begin on their big victories coming with Manila (that you continue to dis) and Cotai (Studio City, Tower 5 and phase 2 of both SC and COD manila).

    Similarly, a maybe on getting a japan nod and maybe getting it built in 5 years and getting to positive ebitda in another year or two is not worth a whole lot to buysiders laying in shares today... so why did the bs stock drop stop and reverse some 24% or so at today's high? I'll suggest it is all the reasons that have been discussed here as ridiculous discounts (to MPEL's intrinsic valuation on adj ebitda) being reversed with what is now becoming the pendulum swing back away from stupid levels. I'vs suggested it can and likely will be quick, and now you can see it for the fourth time since the ipo.

    Can it retest the recent lows? Sure, said a few times here... but a break below the July 2013 low is highly unlikely barring a big collpase now, especially since the tea leaves from Xi Jinping and the new macau leadership actually understands the business and need for reasonable/visible policy.

  • Reply to

    Manila !!!!!

    by whisperingpines1962 Dec 29, 2014 10:55 AM
    squeezetracker squeezetracker Dec 29, 2014 1:33 PM Flag

    The full opening oif COD manila is scheduled for "prior to the CNY celebrations in February, and unless COD Manila is a massive fail (we'd give that a zero likelihood), MPEL's share of GR and mgmt fees should quickly more than cover the Q operating expenses of ~$30m ($120m+ annually) for the Sep Q... MPEL and its partner will also benefit from the GR tax concession granted to the four concessionaires earlier this year... less tax obviously improves the ROIC vs original plans for the resort when MPEL's two billionaire co-chairmen decided to step in with Sy (the richest man and commercial developer in the Philippines). If not obvious, the naysayers on Manila think it will never amount to much... good challenge for Lawrence leading up to the japan concession awards coming over the next year or so if Abe has his way in the legislature. LOL

    It may take a couple of years for the other two concessionaires (total of 4) and the new infrastructure developments, including construction of the U.S. Navy's new and permanent base in Manila, to help ramp COD Manila to full potential -- just about in time to begin developing the second phase of COD Manila (and Phase 2 of MPEL's Studio City IR for that matter)...

    Yes, and all of that will also coincide with MPEL opening Tower 5 at COD Cotai in early 2017.

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