Thank YOU for keeping your eye on this ball and tracking down all this info. Again, it’s Clintonian — when you’re linked to so many widespread scandals, it makes it difficult to sort out the details and focus on any one of them.
I cannot understand how even GOP-ers who like Giuliani are willing to submerge the presidency in the steaming corrupt cesspool that surrounds him.
From Barron's, Nov 19, 2007:
A Macau joint venture, MGM Grand Macau, opens Dec. 18, and MGM will develop three hotels in Abu Dhabi that will earn revenue on properties wholly owned (and risks fully borne) by the government there. Its stock, near 87 today, has downside support at 84, given a Dubai state-owned investment group's agreement to buy up to 28 million shares at that price (as the two jointly develop the 76-acre CityCenter in Vegas).Yet MGM shares trade at just 31 times 2008 earnings, compared to 48 times for LVS and 40 times for Wynn. That discount persists even though MGM earned more than the other two combined in 2006.
Don't believe that's a sign of a Macau bubble? Then look at Melco PBL Entertainment (MPEL), a casino developer that lost money in 2006 and 2007 but recently opened Crown Macau and is planning the heavily touted "City of Dreams" in 2009. Billed, correctly, as a "pure play on Macau," Melco's Nasdaq-listed American depositary shares fetch 164 times 2008 earnings.