{"id":19849,"date":"2017-06-19T07:23:24","date_gmt":"2017-06-19T15:23:24","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=19849"},"modified":"2017-06-19T07:23:24","modified_gmt":"2017-06-19T15:23:24","slug":"phlegmatic-about-macao-new-jersey-warns-trump","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/phlegmatic-about-macao-new-jersey-warns-trump\/","title":{"rendered":"Phlegmatic about Macao; New Jersey warns Trump"},"content":{"rendered":"

* Wall Street<\/strong> analysts have been descending upon Macao<\/strong> and we’re told to expect a rebranding of Sands Cotai Central <\/strong>“as its brand doesn’t have \"\"traction like Venetian<\/strong>, Wynn<\/strong>, and City of Dreams<\/strong>,” writes JP Morgan<\/strong> analyst Joseph Greff<\/strong>. That name never did have any particular promise of enchantment, did it? After years of touting the Macao\/Hong Kong<\/strong> bridge, casino operators have suddenly cooled on it, describing its likely effect on the market as ‘marginal.’ Greff writes that “it’s not likely that individuals can drive their own cars from HK or Macau directly.” There’s been a similar cooling on the light rail system, “since it’s not integrated where people would initiate the travels, especially among buses (there are 350 – 400 servicing the casinos).”<\/p>\n

Instead, all the talk is of developing non-gaming attractions on Hengqin Island<\/strong>, to “curry favor with the government, perhaps in conjunction with license\/concession renewals.” The latter are expected to be all handled in 2022, even the ones that are nominally set to expire in 2020. Greff’s team returned “return feeling the same as what we felt like before this trip. The current growth\/ recovery is appealing for some properties\/operators (our feeling post meeting is that Wynn Macau, City of Dreams, Studio City<\/strong> are outperforming), but this is largely reflected in the valuation.”<\/p>\n

Wherever Greff goes, Deutsche Bank<\/strong>‘s Carlo Santarelli<\/strong> is not far behind (and vice versa). The latter wrote that “The revitalization of junket liquidity, spurred perhaps by … new openings, specifically \"\"Wynn Palace<\/strong>, were most often noted as the key drivers of the VIP resurgence. Further, it is believed that crackdown activity in the Philippines<\/strong> and the events involving the Crown<\/strong> [Resorts<\/strong>] employees in Mainland China<\/strong> have benefited the Macau VIP environment. Some believe the cessation of video streaming betting in the Philippines, should it occur, could also redirect high end play to Macau.”<\/p>\n

Regarding the light rail and Hong Kong bridge, Santarelli also found “fanfare from those on the ground remains largely non-existent.” Instead, the focus was on a high-speed-rail line from Mainland China. Other than punting the MGM Resorts International<\/strong> and Sociedade de Jogos de Macao<\/strong> concessions into 2022, it’s \"\"anticipated that activity regarding concessions will be punted to the new administration, which takes office in 2019. “From here, opinions vary, with some believing a series of five one-year extensions could be granted, but the prevailing sentiment seems to be that eventually the new administration passes new legislation to avoid a messy tender process. It is believed that the licenses will then be renewed but will entail heavy capital commitments, likely in the form of community contributions,” Santarelli wrote.<\/p>\n

In other words, the future prompts cautious optimism but is generally as clear as mud.<\/p>\n

* One needn’t worry about a lack of solidarity in New Jersey<\/strong>‘s support of Internet<\/strong> gambling. The state’s Assembly just voted 75-0<\/a> to urge Donald Trump<\/strong> and his administration to oppose Sheldon Adelson<\/strong>‘s Restore America’s Wire Act<\/strong>. The closest thing to \"\"opposition were five abstentions. Assembly President Vincent Mazzeo<\/strong>\u00a0(D) admitted “Resolutions of this sort …\u00a0are largely symbolic. They often target the home state\u2019s congressional delegation. By and large, these resolutions convey the feelings of the lawmakers and constituents back home, and what effect a specific piece of federal legislation would have on the area.\u201d<\/p>\n

Lawmakers evidently feel a great deal more motivated these days. A similar resolution died three years ago after passing out of committee. It’s more than a statement of strong feelings, however: A passage stating that RAWA passage\u00a0“would directly and negatively impact New Jersey”\u00a0<\/em>acts as pretext for suing Trump should RAWA pass<\/a>. (Where there is Donald Trump there also are lawsuits.) The real villain, however, is Adelson. As reporter Steve Larson<\/strong> notes with delicious irony, “Despite making more money off gamblers than any other person in history, Sheldon Adelson claimed he was trying to protect gamblers from predatory operators.”<\/p>\n

Since the bill was also addressed to “members of [Trump’s] administration, that means you, Attorney General\u00a0Jeff Sessions<\/strong>, should you get any ideas about re-re-interpreting the Federal Wire Act<\/strong> to outlaw online lotteries and Internet casinos. As we’ve said many times, this is a state’s rights issue and Washington, D.C.<\/strong>, should keep its mitts to itself.<\/p>\n

* Universal Entertainment<\/strong> founder Kazuo Okada<\/strong> has been suspended by his own company while it investigates alleged improprieties involving loans from Universal to Okada. It couldn’t happen to a nicer guy.<\/p>\n","protected":false},"excerpt":{"rendered":"

* Wall Street analysts have been descending upon Macao and we’re told to expect a rebranding of Sands Cotai Central “as its brand doesn’t have traction like Venetian, Wynn, and City of Dreams,” writes JP Morgan analyst Joseph Greff. That … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[42,37,188,189,62,93,192,33,12,213,32,214,100,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19849"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=19849"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19849\/revisions"}],"predecessor-version":[{"id":19850,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19849\/revisions\/19850"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=19849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=19849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=19849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}