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GLG News by this Author
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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Wynn Resorts becoming "more Chinese" with Hong Kong IPO
September 24, 2009
Wynn Resorts upbeat about Hong Kong IPO | www.ft.com
By floating the Wynn Resorts Macau IPO on the Hong Kong Stock Market, Steve Wynn hopes to become more tightly integrated with the Chinese gaming and financial communities. The Financial Times reports that the offering makes Wynn Resorts the first American-based company to establish a presence on the Hong Kong Stock Exchange. This strategy helps Wynn not only become more successful with the Chinese market in Macau over the near term, but in Las Vegas over the long term.
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US Hotel Industry Recession Enters New Rate Erosion Phase
September 1, 2009
Five-Star Hotel Rates to Drop, Hotwire’s Bason Says | www.bloomberg.com
2009 will likely rank as one of the worst years for the United States hospitality industry in modern history. The week of June 27, this drop off entered a dangerous new phase – when compared to the same week, year over year, the national hotel average room rate began to fall more rapidly on a percentage basis than the average hotel occupancy percentage. This trend has now continued over the past eight weeks.
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An Online Travel Agency (OTA) Litigation Squeeze Play
June 2, 2009
Expedia hit with $184 million penalty say plaintiffs | www.reuters.com
A recent King County summary judgement against Expedia (NASDAQ:EXPE), reportedly the largest consumer class action suit in Washington State history, creates a new front in the growing litigation battles facing the Online Travel Agency (OTA) community. Expedia competitors Priceline (NASDAQ:PCLN), Orbitz (NYSE:OWW), and privately held Sabre’s Travelocity potentially risk facing similar claims, although their exposure is somewhat limited relative to Expedia due to lower hotel sales volume and merchant model transaction ratios.
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Google's Rumored Acquisition of Expedia Would be a Surprise
March 19, 2009
Expedia Shares Rally on Takeover Rumors | www.reuters.com
EXPE shares rise on another round of GOOG acquisition rumors. Acquiring a large and complex global travel agency with an extensive customer care organization and supplier account management group would be a significant departure from Google's 50+ previous technology oriented acquisitions. The travel industry represents one of Google's largest sources of advertising revenue - an acquisition of Expedia could be highly disruptive as OTAs and suppliers would reevaluate advertising spend supporting their largest competitor.
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