Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>Non-Casino Thailand could be starting to get serious about legalizing casinos. Demos are solid if they make the move.</li>
<li>Las Vegas Sands, seems the prime candidate to become the first mover if that market does make the major legislative move.</li>
<li>LVS CEO Goldstein said last week that the company was engaged in serious talks with a possible third Asian nation on a major IR move there.</li>
</ul>


Non-Casino Thailand could be starting to get serious about legalizing casinos. Demos are solid if they make the move.
Las Vegas Sands, seems the prime candidate to become the first mover if that market does make the major legislative move.
LVS CEO Goldstein said last week that the company was engaged in serious talks with a possible third Asian nation on a major IR move there.


Thailand Casino Legalization Prospects Boost Las Vegas Sands Targeting of Its Third Asian Nation IR

<ul>
<li>LVS stock twitched slightly on news of debt downgrade which foreshadowed possible further downgrades ahead unless Macau recovery gains more momentum.</li>
<li>Closing of US$6.2b sale of Las Vegas assets will produce cash proceeds this year of $US$6.2m.</li>
<li>Trade at writing still does not bake in many positive signs that LVS shares are headed much higher as we revise our PT.</li>
</ul>


LVS stock twitched slightly on news of debt downgrade which foreshadowed possible further downgrades ahead unless Macau recovery gains more momentum.
Closing of US$6.2b sale of Las Vegas assets will produce cash proceeds this year of $US$6.2m.
Trade at writing still does not bake in many positive signs that LVS shares are headed much higher as we revise our PT.


Las Vegas Sands: S&P Downgrades Debt One Tier Below Investment Grade: Our Outlook Remains Bullish

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Marriott International / Technical Analysis

<ul>
<li>While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.</li>
<li>Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.</li>
<li>The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.</li>
</ul>


While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.
Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.
The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.


Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-12/Capture_10.PNG' alt='Suntec REIT - CEO' />
 </figure>
 <div class='content-caption'>Suntec REIT - CEO</div>
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With more than three decades of financial and real estate management experience under his belt, Chong Kee Hiong increasingly values the objectivity, flexibility and insight that comes with keeping an open mind. 
These characteristics in turn boost creativity, critical thinking, and lay the foundation for lifelong learning, said the Chief Executive Oﬃcer of the manager of SGX-listed Suntec Real Estate Investment Trust (REIT). 
“It’s important to have an open mind when faced with uncertainty and challenges; never rush into decisions,” he pointed out. “Often, if we know the issues, we’re likely to be able to find solutions - these issues are then within our control.” 
"We should focus on building our knowledge base, and the capacity to adapt and diversify, to ensure there are more “controllable” than “uncontrollable” events. This would help us to sleep better at night.” 
Open minds can also open a multitude of doors. “We must always be ready to take on new opportunities and challenges when they arise,” Chong added.  
“To do so, we have to adopt a mindset that actively and continuously looks for learning opportunities, so as to equip ourselves with diversified skillsets over time.” 
Chong, who is an elected Member of Parliament for Bishan-Toa Payoh GRC, was appointed CEO of the REIT manager, ARA Trust Management (Suntec) Ltd, in January 2019. 
Prior to joining the REIT Manager, Chong was CEO of OUE Hospitality REIT Management Pte Ltd from 2013 to 2018. He helmed The Ascott Ltd from 2012 to 2013, and Ascott Residence Trust Management Ltd from 2005 to 2012. Prior to that, he was Raffles Holdings Ltd’s Chief Financial Officer, and began his career in audit with KPMG Peat Marwick in 1990. 
Chong holds a Bachelor of Accountancy degree from National University of Singapore. He has also completed Harvard Business School's Advanced Management Program, and is a member of the Institute of Singapore Chartered Accountants. 
Looking back on his 30-year career journey, highlights include developing skillsets and nurturing talent. “The greatest satisfaction is being able to learn and mature on the job. It’s also heartening to see fellow colleagues growing in their roles, and to be able to play a part in their work and learning journeys,” Chong added. 
Listed in December 2004, Suntec REIT aims to invest in income-producing real estate primarily used for office and/or retail purposes. The REIT is managed by ARA Trust Management (Suntec) Ltd, a wholly owned subsidiary of ARA Asset Management Ltd, which is Asia Pacific’s largest real assets manager with US$95 billion in gross assets under management (AUM). 
Suntec REIT holds properties in Suntec City, Singapore’s largest integrated commercial development (including one of Singapore’s largest shopping malls), a 66.3% interest in Suntec Singapore Convention &amp; Exhibition Centre, a one-third interest in One Raffles Quay, as well as a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.  
Down under in Australia, it owns the following commercial buildings: a 100% interest in 177 Pacific Highway, Sydney, 100% of 21 Harris Street, Pyrmont, Sydney, 50% of Southgate Complex, Melbourne, 50% of Olderfleet 477 Collins Street, Melbourne, and 100% of 55 Currie Street, Adelaide.  Opportunities in Crisis 
To boost income stability and enhance geographical diversification, the REIT made its first foray in London, the UK, with the acquisition of a 50% stake in Nova Properties in December 2020. It also acquired The Minster Building, its second property in London, in June 2021.  
These assets were a strategic fit with Suntec REIT’s existing portfolio of high-quality commercial assets in Singapore and Australia. Lower yielding commercial assets were divested to partially fund these acquisitions, which were higher yielding than the assets divested, and accretive in both Distribution Per Unit (DPU) and Net Asset Value (NAV). 
“Despite pandemic-induced difficulties, we’ve succeeded in enhancing unitholder value through active portfolio management,” Chong noted. “The phrase “with every crisis, comes opportunity” has never been more apt.” 
Presently, Suntec REIT’s AUM stands at S$11.6 billion across 10 properties in Singapore (71% of AUM), Australia (16% of AUM), and the UK (13% of AUM). The REIT continues to be anchored by the resilient office sector, which contributes more than 85% of its total income. 
“While Suntec REIT remains Singapore-centric, we will further boost income stability by sourcing for good quality, accretive assets. Overseas assets are expected to grow to between 30% to 40% of AUM over the next few years,” he added. 
Apart from unitholders, the REIT is also focused on working with tenants for a mutually beneficial long-term relationship. “In these unprecedented times, the need to share risks and rewards in business relationships is amplified,” Chong noted. 
Suntec REIT has provided a raft of tenant assistance measures, including flexible operating hours, complimentary marketing support, increased seating capacity for food and beverage tenants, and rental rebates for retail tenants, to help mitigate challenges from the pandemic. Some of these measures continue to remain in place. 
Looking ahead, prospects for the REIT’s office portfolio remain bright. 
“While hybrid working arrangements are likely to continue, the physical office will remain relevant as the conduit to bring employees together to build corporate culture,” Chong noted. 
“In addition, aspects of work like teamwork, collaboration, innovation and mentoring are most effective in face-to-face settings. Surveys have also shown that employees want to return to the office three to four days a week, unlike contrasting feedback at the start of the pandemic.” 
The REIT expects its overall Singapore office portfolio to perform well, with revenue growth driven by higher occupancy and cumulative positive rent reversions achieved for the past 13 quarters. 
“Office revenues from Australia and UK assets will remain resilient as they are underpinned by strong occupancies and long weighted average lease expiries,” he added. “In particular, annual rent escalations provide upside to the Australia assets.” Future-Proofing Assets 
As for the REIT’s retail properties in Singapore, “green shoots of recovery” have appeared, particularly with the re-opening of the economy and high vaccination levels in the population. 
“Despite some border restrictions, and a tightening of safe-distancing measures, tenant sales at Suntec City Mall have continued to recover faster than footfall increases since the fourth quarter of 2020,” Chong said. “We’ve seen tenant sales recovering to 75% of 2019 levels versus footfall, which is at 50% of 2019 levels.” 
In addition, a shift in consumer behaviour has emerged - shoppers now window-shop much less. Instead, they seek novel and experiential concepts and brands. 
“At Suntec City, we’ve been proactively future-proofing our mall to better retain and attract customers,” he said. 
Despite COVID-19 disruptions, 19 new-to-market or new-to-Suntec brands were introduced this year, of which 50% catered to Singaporeans’ desire for new F&amp;B concepts. The REIT Manager has also increased the number of activity-based and experiential concepts to around 35% of the mall’s total leaseable area.  
“This, together with more than 25% of Suntec City dedicated to F&amp;B offerings, will strengthen the mall’s performance, making it more sustainable and allowing it to ride the wave of recovery.” 
Apart from day-to-day operational priorities, Suntec REIT is also focused on its Environmental, Social and Governance (ESG) goals. “We strongly believe in the importance of integrating sustainability into our strategies, operations and acquisitions,” Chong said. 
“Building certifications such as Greenmark, NABERS, BREEAM, LEEDS will become more important. Whilst the majority of our buildings across Singapore, Australia and London have attained green certification, we continue to work towards enhancing the ratings by improving energy and water consumption efficiencies and reducing use of natural resources.” 
In recognition of its sustainability leadership, Suntec REIT was awarded the GRESB highest accolade of Global Sector Leader for the Office-Listed category, and ranked Number One in Asia (Office). The REIT also retained the highest GRESB 5 Star rating. Established in 2009, GRESB is one of the leading ESG benchmarks for real estate and infrastructure investments globally. 
Meanwhile, for this 55-year-old, time outside the office revolves around serving the community. To recharge, he enjoys walking, running or golfing. 
In terms of advice for his four boys, aged 15 to 23, and staff, he has this to offer: Cultivate the desire and drive to work hard, through which you can then achieve your aspirations, and be in the position to help others. 
“Perseverance, maintaining the principles of being fair and objective, being sincere, and having respect for others - these are all values close to my heart.” Suntec REIT 
Listed in December 2004, Suntec REIT holds properties in Suntec City, Singapore’s largest  integrated commercial development (including one of Singapore’s largest  shopping malls), a 66.3% interest in Suntec Singapore Convention &amp; Exhibition Centre, a one-third interest in One Raffles Quay, as well as a one-third interest in Marina  Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall. Suntec REIT holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 100% interest in a commercial building located at 21 Harris Street, Pyrmont, Sydney, a 50.0% interest in Southgate Complex, Melbourne, a 50.0% interest in a commercial building located at Olderfleet 477 Collins Street, Melbourne and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia. Suntec REIT also holds a 50.0% interest in Nova Properties and a 100% interest in The Minster Building, both located in London, UK. Suntec REIT is managed by an external manager, ARA Trust  Management  (Suntec) Ltd.  
The company website is: <a href="http://www.suntecreit.com.">www.suntecreit.com.</a> 
Click <a href="https://www.sgx.com/securities/equities/T82U">here </a>for the company's StockFacts page. 
For the quarter ended 30 September 2021 business update, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/F8FA1JTWKSLKVMD9/687727_Suntec%20REIT%20-%203Q2021%20Press%20Release.pdf">here</a>. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="https://www.sgx.com/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
</body></html>


      
    
    Suntec REIT - CEO


With more than three decades of financial and real estate management experience under his belt, Chong Kee Hiong increasingly values the objectivity, flexibility and insight that comes with keeping an open mind.  
These characteristics in turn boost creativity, critical thinking, and lay the foundation for lifelong learning, said the Chief Executive Oﬃcer of the manager of SGX-listed Suntec Real Estate Investment Trust (REIT).  
“It’s important to have an open mind when faced with uncertainty and challenges; never rush into decisions,” he pointed out. “Often, if we know the issues, we’re likely to be able to find solutions - these issues are then within our control.”  
"We should focus on building our knowledge base, and the capacity to adapt and diversify, to ensure there are more “controllable” than “uncontrollable” events. This would help us to sleep better at night.”  
Open minds can also open a multitude of doors. “We must always be ready to take on new opportunities and challenges when they arise,” Chong added.   
“To do so, we have to adopt a mindset that actively and continuously looks for learning opportunities, so as to equip ourselves with diversified skillsets over time.”  
Chong, who is an elected Member of Parliament for Bishan-Toa Payoh GRC, was appointed CEO of the REIT manager, ARA Trust Management (Suntec) Ltd, in January 2019.  
Prior to joining the REIT Manager, Chong was CEO of OUE Hospitality REIT Management Pte Ltd from 2013 to 2018. He helmed The Ascott Ltd from 2012 to 2013, and Ascott Residence Trust Management Ltd from 2005 to 2012. Prior to that, he was Raffles Holdings Ltd’s Chief Financial Officer, and began his career in audit with KPMG Peat Marwick in 1990.  
Chong holds a Bachelor of Accountancy degree from National University of Singapore. He has also completed Harvard Business School's Advanced Management Program, and is a member of the Institute of Singapore Chartered Accountants.  
Looking back on his 30-year career journey, highlights include developing skillsets and nurturing talent. “The greatest satisfaction is being able to learn and mature on the job. It’s also heartening to see fellow colleagues growing in their roles, and to be able to play a part in their work and learning journeys,” Chong added.  
Listed in December 2004, Suntec REIT aims to invest in income-producing real estate primarily used for office and/or retail purposes. The REIT is managed by ARA Trust Management (Suntec) Ltd, a wholly owned subsidiary of ARA Asset Management Ltd, which is Asia Pacific’s largest real assets manager with US$95 billion in gross assets under management (AUM).  
Suntec REIT holds properties in Suntec City, Singapore’s largest integrated commercial development (including one of Singapore’s largest shopping malls), a 66.3% interest in Suntec Singapore Convention &amp; Exhibition Centre, a one-third interest in One Raffles Quay, as well as a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.   
Down under in Australia, it owns the following commercial buildings: a 100% interest in 177 Pacific Highway, Sydney, 100% of 21 Harris Street, Pyrmont, Sydney, 50% of Southgate Complex, Melbourne, 50% of Olderfleet 477 Collins Street, Melbourne, and 100% of 55 Currie Street, Adelaide.   Opportunities in Crisis  
To boost income stability and enhance geographical diversification, the REIT made its first foray in London, the UK, with the acquisition of a 50% stake in Nova Properties in December 2020. It also acquired The Minster Building, its second property in London, in June 2021.   
These assets were a strategic fit with Suntec REIT’s existing portfolio of high-quality commercial assets in Singapore and Australia. Lower yielding commercial assets were divested to partially fund these acquisitions, which were higher yielding than the assets divested, and accretive in both Distribution Per Unit (DPU) and Net Asset Value (NAV).  
“Despite pandemic-induced difficulties, we’ve succeeded in enhancing unitholder value through active portfolio management,” Chong noted. “The phrase “with every crisis, comes opportunity” has never been more apt.”  
Presently, Suntec REIT’s AUM stands at S$11.6 billion across 10 properties in Singapore (71% of AUM), Australia (16% of AUM), and the UK (13% of AUM). The REIT continues to be anchored by the resilient office sector, which contributes more than 85% of its total income.  
“While Suntec REIT remains Singapore-centric, we will further boost income stability by sourcing for good quality, accretive assets. Overseas assets are expected to grow to between 30% to 40% of AUM over the next few years,” he added.  
Apart from unitholders, the REIT is also focused on working with tenants for a mutually beneficial long-term relationship. “In these unprecedented times, the need to share risks and rewards in business relationships is amplified,” Chong noted.  
Suntec REIT has provided a raft of tenant assistance measures, including flexible operating hours, complimentary marketing support, increased seating capacity for food and beverage tenants, and rental rebates for retail tenants, to help mitigate challenges from the pandemic. Some of these measures continue to remain in place.  
Looking ahead, prospects for the REIT’s office portfolio remain bright.  
“While hybrid working arrangements are likely to continue, the physical office will remain relevant as the conduit to bring employees together to build corporate culture,” Chong noted.  
“In addition, aspects of work like teamwork, collaboration, innovation and mentoring are most effective in face-to-face settings. Surveys have also shown that employees want to return to the office three to four days a week, unlike contrasting feedback at the start of the pandemic.”  
The REIT expects its overall Singapore office portfolio to perform well, with revenue growth driven by higher occupancy and cumulative positive rent reversions achieved for the past 13 quarters.  
“Office revenues from Australia and UK assets will remain resilient as they are underpinned by strong occupancies and long weighted average lease expiries,” he added. “In particular, annual rent escalations provide upside to the Australia assets.”  Future-Proofing Assets  
As for the REIT’s retail properties in Singapore, “green shoots of recovery” have appeared, particularly with the re-opening of the economy and high vaccination levels in the population.  
“Despite some border restrictions, and a tightening of safe-distancing measures, tenant sales at Suntec City Mall have continued to recover faster than footfall increases since the fourth quarter of 2020,” Chong said. “We’ve seen tenant sales recovering to 75% of 2019 levels versus footfall, which is at 50% of 2019 levels.”  
In addition, a shift in consumer behaviour has emerged - shoppers now window-shop much less. Instead, they seek novel and experiential concepts and brands.  
“At Suntec City, we’ve been proactively future-proofing our mall to better retain and attract customers,” he said.  
Despite COVID-19 disruptions, 19 new-to-market or new-to-Suntec brands were introduced this year, of which 50% catered to Singaporeans’ desire for new F&amp;B concepts. The REIT Manager has also increased the number of activity-based and experiential concepts to around 35% of the mall’s total leaseable area.   
“This, together with more than 25% of Suntec City dedicated to F&amp;B offerings, will strengthen the mall’s performance, making it more sustainable and allowing it to ride the wave of recovery.”  
Apart from day-to-day operational priorities, Suntec REIT is also focused on its Environmental, Social and Governance (ESG) goals. “We strongly believe in the importance of integrating sustainability into our strategies, operations and acquisitions,” Chong said.  
“Building certifications such as Greenmark, NABERS, BREEAM, LEEDS will become more important. Whilst the majority of our buildings across Singapore, Australia and London have attained green certification, we continue to work towards enhancing the ratings by improving energy and water consumption efficiencies and reducing use of natural resources.”  
In recognition of its sustainability leadership, Suntec REIT was awarded the GRESB highest accolade of Global Sector Leader for the Office-Listed category, and ranked Number One in Asia (Office). The REIT also retained the highest GRESB 5 Star rating. Established in 2009, GRESB is one of the leading ESG benchmarks for real estate and infrastructure investments globally.  
Meanwhile, for this 55-year-old, time outside the office revolves around serving the community. To recharge, he enjoys walking, running or golfing.  
In terms of advice for his four boys, aged 15 to 23, and staff, he has this to offer: Cultivate the desire and drive to work hard, through which you can then achieve your aspirations, and be in the position to help others.  
“Perseverance, maintaining the principles of being fair and objective, being sincere, and having respect for others - these are all values close to my heart.”   Suntec REIT  
Listed in December 2004, Suntec REIT holds properties in Suntec City, Singapore’s largest  integrated commercial development (including one of Singapore’s largest  shopping malls), a 66.3% interest in Suntec Singapore Convention &amp; Exhibition Centre, a one-third interest in One Raffles Quay, as well as a one-third interest in Marina  Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall. Suntec REIT holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 100% interest in a commercial building located at 21 Harris Street, Pyrmont, Sydney, a 50.0% interest in Southgate Complex, Melbourne, a 50.0% interest in a commercial building located at Olderfleet 477 Collins Street, Melbourne and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia. Suntec REIT also holds a 50.0% interest in Nova Properties and a 100% interest in The Minster Building, both located in London, UK. Suntec REIT is managed by an external manager, ARA Trust  Management  (Suntec) Ltd.   
The company website is: www.suntecreit.com.  
Click here for the company's StockFacts page.  
For the quarter ended 30 September 2021 business update, click here.  
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



Suntec REIT: Enhancing Value, Building Resilience

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

*Gaming Caught In The Crosshairs: Mainland China indicated that changes are afoot to gaming regulations, including the appointment of government officials to supervise the companies - just as Macau's lucrative gaming licenses come up for re-bidding in 2022; and*Financials Likely Next: There appears to be a genuine timeline for each sector in mainland China to be taken out to the woodshed. Now that the gaming industry is now being placed under firm control, it would appear to only be a matter of time when the financial sector will be re-configured to suit mainland China’s vision – likely ahead of the national elections in 2022.

*Gaming Caught In The Crosshairs: Mainland China indicated that changes are afoot to gaming regulations, including the appointment of government officials to supervise the companies - just as Macau's lucrative gaming licenses come up for re-bidding in 2022; and*Financials Likely Next: There appears to be a genuine timeline for each sector in mainland China to be taken out to the woodshed. Now that the gaming industry is now being placed under firm control, it would appear to only be a matter of time when the financial sector will be re-configured to suit mainland China’s vision – likely ahead of the national elections in 2022.

Mainland China – Here Comes The Rein Again

United States

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

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Las Vegas Sands (LVS US)

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The recent downgrade of LVS debt by S&P global does not square in our view of the intermediate and out years prospects of LVS both financially and...

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Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

We are seeing encouraging signals that indicate improving risk appetites, including improvement within the Discretionary, Transports, and Materials...

Vermilion Research

Suntec REIT: Enhancing Value, Building Resilience

With more than three decades of financial and real estate management experience under his belt, Chong Kee Hiong increasingly...

Singapore Exchange Ltd (SGX)

Mainland China – Here Comes The Rein Again

FINANCIALS IN CROSSHAIRS: Mainland China is appointing government officials to supervise the gaming companies. There appears to be a genuine...

Thomas J. Monaco

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