Mac Alpha Share Discussion Threads

[don muang] 15/1/2007 12:29

MPO quarterly update out:

Highlights
* Three acquisitions announced totalling USD148 million
* Progress ahead of schedule with 80% of funds committed
* Eight further sites under negotiation worth approximately USD220 million
* Residential market boosted by interest rate cut and launch of key
developments
* Strong reception to launch of premium residential development 'One Central'

[don muang] 15/1/2007 07:06

PS: used to travel around the region (S E Asia) before family attachments - hence numerous Cathay Pacific flights via the old HK airport.... visited Macau about twenty years ago . bet it's a bit differnt now !!!

[don muang] 15/1/2007 07:02

here (UK) and there (Thailand) over the last twenty five years ......
would prefer there permanently .... but little thing like £$£$ requires here for now ...

[energyi] 15/1/2007 07:01

Sunny Sands

Las Vegas Sands is planning to invest more than US$ 8 billion on casino and convention facilities in Macau and for a non-gaming resort on the nearby Mainland island of Hengqin. The sum is double that previously announced by the US-registered company. Three quarters of the money will be spent on its Cotai projects, in two separate phases, said a spokesman. The news follows LVS's successful bid to build and operate a US$ 3.6 billion casino resort on Singapore's Marina Bay

@:

[energyi] 15/1/2007 07:00

thnx, Don. you too.

BTW, where do you live?

[don muang] 29/12/2006 08:10

Was thinking of a different sort of VIP rooms in Wanchai... given its previous reputation.

Energyi & all other others that are interested in Macau .... then can I wish you a Happy New Year.....

[energyi] 29/12/2006 08:04

vip rooms in wanchai would not be legal.
no gambling license is available for such business

Get Nice may invite some of their securities clients to come to macau
from time-to-time

They may also have securities clients in China. i know Emperor Intl does

[don muang] 29/12/2006 07:45

What's the HK district just the otherside on the Star ferry? - Wanchai? Think some of the VIP Rooms there might be 'interesting'?

Anyway, providing no major macroeconomic shocks, looks like it could be an interesting 2007 for Macau...

[energyi] 29/12/2006 07:31

haha
not much. the chinese like gambling enough on its own

these guys, get nice, are just landlords.
they will take tehir time getting into operating casinos.

i expect the operators will expect to make alot more than the 8% return
that they are guaranteeing. Provides an interesting benchmark.

[don muang] 29/12/2006 07:17

"getting involved in the casino operations thru a VIP room" .... I wonder what other activities they could get in to in a VIP room.... ?

[energyi] 29/12/2006 07:14

GET NICE - also gets in on the Macau act
========


Get Nice (HK:xxx), a hk-listed securities firm is also getting in on the property game in Macau.

GN has bought 50% of the Grand Waldo hotel (see below) in Macau for hk$1.54 billion from operators Cheng Kwee and Yeung Chi-hang. This transaction will give GN a guaranteed 8% return for 5 years. GN may also consider getting involved in the casino operations thru a VIP room

Map


GN's partner is Macau Prime Properties (MPP), and other investors, who together hold the remaining 50%.

After the acquisition, GN will hold an indirect 25% stake in the three building grand Waldo complex. MPP will hold 20%, and businessman Cheung Chung-kin 5%.

The sale values the complex and underlying land at hk$2.5billion. The buyers will pay mr,cheung and mr.yeung hk$988.5mn and assume hk$550 million in outstanding zero interest debt owed to the pair.

Grand Waldo has a 168-table casino, a 318-room hotel, and a spa. The buyers will not be entitled to gaming revenues, but will receive rent from the tenants.

= =
Get Nice Holdings Ltd
Ticker: 64 / Exchanges: HKG
2006 Sales: 151,170,000
Major Industry: FINANCIAL /Sub Industry: SECURITIES BROKERAGE
Employees: 28

[energyi] 28/12/2006 08:30

Hong Kong-listed Emperor Intl buys 2 properties in Macau for 161 mln hkd

HONG KONG (XFN-ASIA) - Emperor International Holdings Ltd said that it has acquired two properties in Macau for a total consideration of 161 mln hkd.

The first property with an area of 1,600 square feet is currently used as a fashion retail shop, while the second is 15,788 square feet property currently used as a retail shop and restaurants.

""With our newly-acquired properties (located) at the busiest and most valuable commercial strip in the territory, we believe this strategic move will strengthen our investment portfolio and put us in an advantageous position to grasp lucrative business opportunities in Macau,"" said Donald Cheung, director of property department at Emperor Group.

= =

SOME CALCULATIONS:
Prop.#1 : 01,600
Prop.#2 : 15,788
:Total= : 17,388
: Price : hk$161.0mn

=== per sf : hk$ 9,259

[bumpy dog [new]] 26/12/2006 17:24

Enners - nice to see you alive and well. Your old pals on the BDEV thread are just longing to hear from you. Just one suitably contrite apology, and we will leave you in peace. Otherwise, we'll just keep coming. Breathe deeply, and click here ....

[energyi] 26/12/2006 15:11

26 May 2005

Managing risk in Macau; Hill & Associates places a bet on Asia's gaming capital

Hill & Associates (H&A), the Hong Kong based risk management and business intelligence firm, today announced plans to open a new branch office in Macau to meet the needs of Asia's burgeoning gaming industry. H&A, has existing relationships with many of the world's largest gaming operators and, with the rapid expansion of the industry, is positioning the company to better service these clients and also to support new entrants into this booming sector.

Kim Frisinger, the company's recently appointed head of Business Intelligence & Integrity Risk, commented on the expansion saying "Gaming is a significant growth market for us both in Macau and elsewhere in Asia.We're setting up in Macau because we need to be close to our clients to make sure they're getting the support they need."

US casino operators doing business in Macau and other overseas jurisdictions are under particular pressure to adhere to compliance regimes such as the Foreign Corrupt Practices Act, Patriot Act and Sarbanes-Oxley. They are also required to ensure the same standards of security and integrity are applied as are enforced in the United States by bodies such as the Las Vegas Gaming Commission.

"There are very serious integrity and transparency issues that our clients are worried about.We're there to help them avoid damage to their reputations and to ensure they have all the information they need to make clear and sound business decisions" says John Bruce, H&A's newly appointed Macau General Manager. "The risks that operators face in Asia are similar to those in the United States and elsewhere but local knowledge and experience are vital if new ventures are to succeed. Providing this knowledge and experience is H&A's forte and has been invaluable to a number of potential inward investors. There are significant opportunities in the Asian gaming market and those operators who understand both the opportunities and the risks are those who will profit."

With the opening up of the Macau gaming market, H&A has provided business intelligence and security advice to many of the largest gaming operators in the city and the gaming industry worldwide. Recent assignments outside Macau have included providing anti-money laundering consultancy to a Cambodian venture and advising a major player on the viability of an entry into the Russian gaming market. H&A has provided services to major gaming operators from the United States, Australia, Cambodia, Malaysia, the United Kingdom, Russia and Macau in the last twelve months and the company is anticipating further growth in this area as investors attempt to gain a foothold in the market.

About Hill & Associates

With 17 offices around the world, Hill & Associates is Asia's leading risk management and business intelligence firm. By combining local knowledge and expertise with world-renowned professionalism, leading edge technology partnerships and a comprehensive range of integrated services, we are able to bring meaningful, value-added solutions to our clients that enable them to operate safely, efficiently and without disruption in some of the worlds most difficult markets.We address a wide range of business risks, including regulatory and compliance issues that potentially threaten our clients' ability to operate and develop comprehensive solutions for both prevention and response.To learn more visit us at www.hill-assoc.com.

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[energyi] 26/12/2006 14:44

Three years ago, even a heavyweight like Las Vegas Sands seeking financing for its Macau projects was more likely to receive scepticism than a loan from its bankers. But nowadays, according to more than a dozen of bankers at the Gaming Asia Pacific Summit, lenders are competing with each other for action at the Macau casino tables. It's all a matter of projected cash flow and growth potential.

The two day GAP Summit in Macau, organised by Euromoney Seminars, brought together financiers bankrolling Macau's grand projects, including Goldman Sachs, AIF Capital, Far East Consortium and Merrill Lynch. Macau Business listened in on their war stories of closing the big deals.

"Next big thing"
Syndicated loans for casino projects seem routine these days, but "it took an enormous amount of time, and effort" of the financiers to make that happen, Citigroup's head of global loans and leveraged finance for Asia Pacific Farhan Faruqui recalled. Citigroup was the lead arranger and co-syndication agent for Venetian Macao, to date the largest gaming financing in Asia at US$2.5 billion.

When those negotiations began, few international investment banks where familiar with Macau, and those who had heard about it replied with "scepticism", Faruqui said. "It took us months, countless trips, meetings to explain to our clients how Macau was going to become the next big thing."

Counting the Sands
According to Faruqui, Las Vegas Sands had all the right credentials: sound management reputation; global code of business conduct; disciplined system of proper disclosure. The decisive factor, however, "was definitely the cash flow". As soon as Sands Macao opened and bankers could examine its revenue and calculate the profit margins, "it all became easier", Faruqui said.

Some deals, though, were harder than others. For its first phase of operations Wynn Macau contacted over 100 banks. The 2004 US$794million deal had two leads, 11 participating banks at an 80 percent sell down. For Wynn's oversubscribed 2005 deal for US$1.5 billion, there were three leads and 25 participating banks. By comparison MGM Mirage wound up oversubscribed with eight leads, 25 participating banks and commitments more than double the initial loan size of US$1.4 billion.

"No" in novelty
Financiers had also to deal with Macau's novelty factor. "There was no established credit for Macau," Huw Jenkins from the Hong Kong office of international legal firm Clifford Chance said. "We had to give it time for banks to readjust their strategies and internal policies." The firm has facilitated deals involving Macau gaming operators Wynn, LVS, Galaxy, MGM, and PBL.

Jenkins also noted how much time - billed, of course - the firm invested in finding ways "to go around" the local legal system. Macau's system is similar to Continental Law, significantly different from Common Law followed in neighbouring financial powerhouse Hong Kong. Most solutions, Jenkins explained, involve offshore funds.

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[energyi] 26/12/2006 14:35

Macau Business - Monthly business magazine URL:
Still Hot Property

(Posted: 02/01/06) Locals not sure about the water, but foreigners dive straight in

While local buyers seem to be taking a breather, the current slow down fails to deter global players pouring money into the Macau property market.
Despite the falling residential transaction volume, foreign interest in Macau shows no sign of fading, says Savills Consultancy limited. The company did 87 major valuations here in the last 12 months - 40 per cent for investors from Hong Kong and other parts of the world.

"The number of requests didn't fall even in the run up to Christmas," says Franco Liu, Associate Director of Valuation and Consultancy, "this type of activity shows that the market remains attractive."
The majority of the valuations involve blocks of buildings and sites. In many cases, the investors are planning to create deluxe properties that are set to outclass the existing luxury flats in Macau, says Franco Liu.
"They will adopt international design standards." For instance, the new projects will probably feature more spacious dining rooms with a smaller number of bedrooms, a departure from the local penchant for numerous bedrooms and tiny dining areas. They will also place a greater emphasis on the amenities both inside and outside the apartments, he says.

Logging on to the website of MacauLand.com, you can get a glimpse of what the future luxury flats will look like. It contains promotional information about the Manhattan, a "premium" property project in Taipa. It promises would-be owners "soaking bathtubs", "rainforest showers" and "built-in wine refrigerators". The offerings at the club house include jacuzzis, an outdoor pool, spa treatment rooms, gym and yoga studio and outdoor barbecue terrace. The website also boasts world-class management services, to complement the top notch facilities.
The Manhattan is the latest indication of the robust foreign investment interest in the Macau property market. United States based Citigroup Property Investors bought the development in a joint venture with MacauLand.
CitiGroup Property Investors is joining a growing list of global players who have spent money on Macau property, says Jim Ng, Associate director of Investment at Savills. They include , Morgan Stanley, Henderson Land, Hong Kong Land, Lippo and Cheuk Nang.

Ng suggests locals are not as optimistic as foreigners about the economic future. "The foreign investors are very confident about Macau because they know the experience of Las Vegas. It turned from a desert into a tourist destination. Macau already had a reasonable infrastructure."
"Even though Macau's internal consumption is weak, one million square feet of retail space are being built in Macau. The developers are after the convention business. It really shows how optimistic people who are familiar with Las Vegas are about Macau."

He says that judging by the valuation assignments handled by Savills, foreign investment funds are very keen to invest in Macau, and one even spent 2 million patacas on soil testing before signing any land contract.
Most of the announced projects target highly-paid expatriates and wealthy locals. There are 16,959 up market units planned, according to the Lands, Public Works and Transport Department, of which 7,052 are under construction with the remainder pending approval.

Developers say they are not worried there will be an over supply.
San You Development Company whose portfolio includes Kingsville, Greensville and Hillsville is the seller of The Manhattan site in Taipa. It is also developing Gold Cove, a high-end residential and retail complex, in Orient Pearl District, where the Hong Kong-Zhuhai-Macau bridge link will probably be built.

Gold Cove has 700 luxury residential units, serviced apartment sand a shopping mall, and is scheduled for completion in 2008. Sammy Wong, executive director, of San You, believes that supply is still catching up with the demand in the high sector of the luxury market. With an influx of well-educated expatriates, the demand for quality housing will go up too, anticipates Mr. Wong.

"Unlike Hong Kong, it is not uncommon to live in a 1,000 sq foot apartment in Macau. Can we say they are all luxury apartments?" says Mr. Wong. "There are many criteria. In reality, there are not many genuinely luxury apartments in Macau and the demand is soaring."

@:

[energyi] 26/12/2006 14:28

Firms chase large space in Manhattan towers project

Strategic investors are in talks with MacauLand and Citigroup Property Investors to buy one of two towers in their joint-venture luxury residential project in Taipa.

Zach Coleman

Friday, February 10, 2006

Strategic investors are in talks with MacauLand and Citigroup Property Investors to buy one of two towers in their joint-venture luxury residential project in Taipa.
The partners plan to begin public sales of apartments in the project, called The Manhattan, in May. Its 169 units are to be ready for occupancy next February.

MacauLand principal Dan Tagliere said he expects prices to start at about 3,000 patacas (HK$2,913) per square foot. He said a number of companies are interested in buying blocks of units in the towers to house staff. The partners plan to retain ownership of a large number of units for leasing.

Two-thirds of the apartments are three-bedroom and the rest have four bedrooms. Unit size ranges from 1,626 square feet to 2,492 sq ft.

Fellow MacauLand principal Benjamin Kao said he expects most units will be occupied by expatriate executives, but added that rising incomes are leading more Macau residents to consider trading up from old, paid-off apartments.

The joint venture partners aim to position The Manhattan as an international-class development. "We want to do for the residential market what Sands did for the gaming market," Kao said.

The Manhattan will feature a 17,000 sq ft clubhouse, shuttle bus service to the city center, air-conditioned elevators and concierge service. Flats will be furnished with high-quality appliances, including wine refrigerators and dual heater/air-conditioners. Buyers will be offered pre-set furniture packages.

British property company Savills will manage The Manhattan, which Kao said will make the towers the first residential buildings in Macau managed by an international company. He believes this will help the development to enforce rules on residents to keep up an upmarket atmosphere at The Manhattan. The project also marks the first Macau investment by Citigroup Property Investors, a unit of US bank Citigroup which invests client and bank funds together in real estate.

Kao and Tagliere declined to say how much the joint venture is investing in the project. Hong Kong-listed Upbest Group said last year that it would spend about HK$95 million to build a 64-unit apartment building on a site across the street from The Manhattan. The company agreed to pay HK$27 million for its site, which at 7,201 sq ft is less than a quarter the size of The Manhattan's.

The joint venture bought The Manhattan site from local company San You Development, which built the high-end Kingsville project next door.

Formosa Group and Global Property Partners, both Hong Kong-based real estate investment funds set up by Tagliere and Kao, originally bought 27 apartments in Kingsville in 2004 for leasing to expats through their company Quadrangle Properties. High returns from that led Tagliere and Kao into their deal with Citigroup and San You to take over the freehold site that had been intended for Kingsville's second phase.

@:

[energyi] 26/12/2006 14:05

01-12-06 Speymill Macau Property makes 116.5 mln usd maiden investment in Macau property AFX UK Focus

LONDON (AFX) - Speymill Macau Property Company PLC, the Macau-focused residential investment property company, said it has bought 243 residential units in a waterfront project for 116.5 mln usd, its first investment in the country.

The AIM-listed company said around 30 pct of the price will be settled immediately in cash, another 10 pct in the next 12 months and the remainder on completion of the development.

- -

Established to invest primarily in the high quality residential property market of Macau

= =

Yes, Don.

that's an average of usd$xxx,xxx per unit

[energyi] 26/12/2006 13:58

The Macao Special Administrative Region is comprised of the Macao Peninsula, Taipa and Coloane. It is located on the southeast coast of Mainland China, at the west of the Pearl River Delta, about 60 km to the southwest of Hong Kong. Macao is a trade city that has always had a free market economy, a simple and low tax regime, the status as a free port and an independent tariff region.

Macao – Key Data 2005
Area................... 28.2 sq km
Population............. 488,000
Gross Domestic Product: USD 11.58 billion
Gross Domestic Product per capita USD 24,329
Visitors............... 18.70 million
Export Value..........: USD 2.48 billion
Import Value..........: USD 3.92 billion

= = =

In 2005, Macao organised a series of major international events, such as the 10th Macao International Trade and Investment Fair, the 54th Pacific Asia Travel Association Annual Conference, Delivering on the WTO Round: A High-Level Government-Business Dialogue for Development, 2005 Junior Chamber International ASPAC Macau, the 4th East Asian Games – Macau 2005, and the 13th Teochew International Convention. The 19th Asian Trade Promotion Forum organised by the Macao Trade and Investment Promotion Institute was held on 23-24 February in Macao, further intensifying the interchange and co-operation among 21 Asian countries and territories. This also testified to the enormous business opportunities in Macao.

@:

= =

Macao – Key Data
Area................... 28.2 sq km
Population........... 488,000 (2005)
Labor force.......... 214,000 (2003) : 43.2%

Historical in US$ ==== : --2006-- : --2005-- : --2004-- : --2003-- : '5to'6
Gross Domestic Product: --------- : 11.58 bn :
GDProduct per capita....: --------- : $24,329. : --------- : $22,500. :
Gaming Revenues.........:. $7.1 bn. :. $6.2 bn. :
Visitors to Macau..........: --------- : 18.70 mn.:
Unemployment............. : --------- : ---------- : -------- : .. 5.00 % :
Export Value.................: --------- : $ 2.48 bn : -------- : $ 1.41 bn:
Import Value.................: --------- : $ 3.92 bn : -------- : $ 1.19 bn:
Capital expenditures......: --------- : ---------- : -------- : .$ 194 mn:




= = =

[don muang] 22/12/2006 07:57

energyi... thanks for setting up the thread for the other Macao company...
fromtheir first purchase rns, MCAU seemed to have purchased 243 residential units across the six tower developement - whilst MPO has gone ahead and purchased a whole tower.

[energyi] 22/12/2006 04:16

Golden Resorts, another Hong Kong-listed operator of hotel-casinos in Macau, said last year that one of its shareholders, Lee Shiu-fok, is planning to inject six VIP rooms into the company. Lee is chief executive of Lisboa Gold Group, which operates the VIP rooms in Hotel Lisboa. The VIP rooms generated 12.2 billion patacas (HK$11.8 billion) in gross revenues over the past three years.

@:

[energyi] 22/12/2006 00:41

Two Macau-related property co's are now listed in London:

Macau Property Oppty. Fund (MPO.L) - June 2006
..
Speymill Macau Properties (MCAU.L) - Nov.2006
..

[energyi] 04/10/2006 14:59

Sands gets Venetian extension

Zach Coleman

Friday, March 10, 2006

The Macau government has extended Las Vegas Sands' deadline for completing its massive US$2.3 billion (HK$17.94 billion) Venetian Macau casino resort complex by 1 years.
The United States-based casino operator was supposed to have completed the project by this June and the attached convention center by the end of the year under the company's subconcession agreement with Macau.

If the company were late, it could have been stripped of the right to operate the highly profitable Sands Macau and any other casino in the Macau SAR without compensation.

Macau Chief Executive Edmund Ho promised in his annual policy address in November to step up the monitoring of casino operators' pledges to honor their investment agreements.

According to filings with US securities regulators, the deadlines for Las Vegas Sands to complete both the casino and the convention center have now been extended to December 2007.

The Venetian will be the most expensive project to be built in the city, with its ever-rising construction budget now almost double that of Macau International Airport. Las Vegas Sands spent US$388.2 million on Macau capital projects last year.

The filings also updated the company's US$99 million expansion plan for Sands Macau, indicating that, by August, the casino will have 700 tables and 1,200 slot machines. At present, it has 438 tables and 921 slot machines. It opened in May 2004 with 320 tables.

Las Vegas Sands' annual report also revealed a lawsuit against the company filed by Macau businessman Jose Cheong. Cheong, Clive Basset Jones and Daryl "Dax" Turok sued Las Vegas Sands in late January in Nevada claiming breach of an agreement to pay them a success fee equal to a 5 percent ownership interest in the company's Macau subsidiary.

Turok joined Las Vegas-based gaming operator Ameristar Casinos as vice president of development in 2004 after running a consulting firm that advised casino companies on project development.

Las Vegas Sands said it has responded to the lawsuit and that its lawyers believe there is little chance the plaintiffs will win. "We intend to defend this matter vigorously," it said.

The lawsuit is the third of its kind.

Two years ago, Hong Kong businessman Richard Suen and his company, Round Square, claimed in Nevada they had been cheated of a promised cut of profits for helping Las Vegas Sands in its successful bid for a gaming concession in 2002.

An Israeli businessman filed a similar case in his country in 2003.

@:

[energyi] 02/10/2006 09:07

The Macau Special Administrative Region of the People's Republic of China (Traditional Chinese: 中華154;民共和國595;門特別行919;區 [in Mandarin (info), in Cantonese (info)] ; Portuguese: Região Administrativa Especial de Macau da República Popular da China [in Portuguese (info)], abbreviated as RAEM), commonly known as Macau or Macao (Traditional Chinese: 澳門, or informally known as 馬交) is a small territory on the southern coast of China. Administered by Portugal until 1999, it was the oldest European colony in China, dating back to the 16th century. The administrative power (in Portuguese "poder administrativo") over Macau was transferred to the People's Republic of China (PRC) in 1999, and it is now one of two special administrative regions of the PRC, together with Hong Kong.

Besides historical Chinese and Portuguese world-heritage relics, Macau's biggest attraction is its gambling industry and casinos. Though many forms of gambling are legal here, the most popular game is baccarat, which generates over two thirds of the gaming industry's gross receipts.

Contents [hide]
1 Macao v. Macau
2 History
3 Legal system and judiciary
4 Government and politics
5 Administrative divisions
6 Geography
7 Economy
8 Transportation
9 Demographics
10 Religion & Culture
11 Landmarks
12 Miscellaneous topics
13 Macau-related topics
14 Notes
15 External links

...MORE detail: