· SJM Holdings expects gaming revenue in Macau to increase 30% in 2010 and could exceed $150B pataca, exceeding a record 120B pataca in 2009. [Bloomberg]
· Macau’s Q1 GDP increased 30.1% YoY, which was helped by a 57.1% rise in gross gaming revenues. [Macau Hub] http://www.macauhub.com.mo/en/news.php?ID=9522
· Extended Stay Hotels: Centerbridge Partners-led group said to win bidding for Extended Stay. [NYT] http://www.nytimes.com/2010/05/29/business/29hotel.html?partner=rss&emc=rss
· Station Casinos: Federal Bankruptcy Judge Gregg Zive has allowed Station Casinos to auction 11 of their gambling properties; creditors of Station Casinos wanted the judge to delay the auction because they thought it wouldn’t make enough money to meet the needs of the minority lenders and unsecured bondholders. The deadline for bids is July 30th and the auction will be August 6th. [LV Sun] http://www.lasvegassun.com/news/2010/may/28/judge-oks-station-casinos-plan-sell-11-casinos/ Note: This was out Friday
· Gaming Equipment: The slot machine market is mentioned positively by the Las Vegas Review Journal, citing analyst’s renewed optimism after attending the National Indian Gaming Show, the Canadian Gaming Summit, and the Southern Gaming Summit. http://www.lvrj.com/business/slot-market-looking-up-95298544.html
· MGM: The LV Sun tracks closing of condo sales at CityCenter. MGM’s Tony Dennis said that there are no plans to further reduce prices. [LV Sun] http://www.lasvegassun.com/news/2010/may/28/citycenter-condo-closings-slow-down-economy/
· DIS: With almost all of the residents of living in Shaghai’s Pudong District having been relocated, construction on Disney’s first Chinese theme park could begin a month earlier than anticipated. [Shanghai Daily/Bloomberg] http://www.shanghaidaily.com/sp/article/2010/201005/20100531/article_438685.htm
· WV Gaming, PENN: Charles Town is hoping to have dealers at Charles Town Races & Slots by the July 4th weekend, though that may be complicated because of West Virginia licensing laws. [Herald – Mail]http://www.herald-mail.com/?cmd=displaystory&story_id=246410&format=html&autoreload=true
· MA Gaming: Facing competition from East Boston, Palmer and Fall River -- New Bedford’s Mayor Scott Lang said, “We are the only city where two development companies with deep pockets are vying to build a casino…Don’t count us out.” Northeast Resorts and KG Urban Enterprises both hold options for resort casinos in New Bedford. [Boston Herald] http://www.bostonherald.com/business/general/view/20100601new_bedford_mayor_well_win_casino_race/
· At the East Coast Gaming Congress, executives said that it will be more difficult to succeed in the East Coast Market. PENN’s John Finamore said, I don't think it's saturated yet, but it's clearly crowded, clearly more challenging" [Las Vegas Sun] http://www.lasvegassun.com/news/2010/jun/01/execs-east-coast-casino-market-getting-crowded/
· Starwood Capital: Barry Sternlicht is profiled in the NYT; the article says Sternlicht overpaid for the loan portfolio of Corus Bank; and now Sternlicht will have to foreclose on a lot of the properties, which would be tough legally. [NYT] http://www.nytimes.com/2010/05/30/business/30barry.html
· China Expansion for Hotels: With several hotel chains announcing plans to expand in China (e.g. Marriott) the biggest issue that hotels could face is finding qualified staff, especially in the luxury segment. [Financial Times] http://www.ft.com/cms/s/0/1a58e532-6c4b-11df-86c5-00144feab49a.html
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