what can you do here in macau in china that you could not do in las vegas? >> everything. >> american magician france hererai, invited into a multimillion dollar world he created. >> you have your name in lights here? >> i do. in of all places, macau china. >> this is where the money is. it's the wild west. if you can make it work this is where the gold is. >> reporter: macau, a former portuguese colony handed back to chinese rule in 1999. nicknamed the las vegas of china. but its bright lights have dimmed a bit. china's economic slowdown and government restrictions on gambling caused casino revenues here in macau to drop more than 20% at the start of this year. they have plunged for more than 20 straight months. in some ways the drop in revenues is not hurting you. >> it's helping me. >> helping you. >> the weirdest damn thing. the drop in revenues is a direct result of gambling restrictions. if the chinese clientele aren't coming in to gamble as much, you have got to offer them something else. that's what we are the i am the alternative to black jack. >> r

for years you couldn't go wrong by invest ing in macau. when las vegas started coming back from the great recession that provided another boost. this is a story of great management. steve wynn is a legend in the casino business. long time, one of my idols for being a tough american businessman. however, even the best ceos can't save you when the business is obliterated by forces beyond control including wynn's. which brings me to the fall of wynn resorts. it peaked in 2014 at the time macau guaying revenues began to decelerate. gaming numbers were up 40% but for 2014 just 24%. 24% growth sounds terrific. here's the way the stock market works. judgments and a slow down from 40% growth to 24% growth is down right ugly. [ booing ] >> what went wrong? at the same time the chinese economy was slowing the communist party decided to crack down on corruption in a major way. before the crack down china's political elite liked to go on free junkets to macau paid for by their rich buddies. that was the corruption. once it was clear the communist part

macau did go through a slump, but it was still performing way better than las vegas.be different now? guest: i suppose it is all in the eyes of the beholder. massivelyinues to be larger, four times the size of las vegas, but that is down from seven times. if you look at the collapse we saw in the vip business as well as his challenges in the mass market, we just got the february monthly release and we saw essentially a flat number. this is the best we have seen in 21 months. it certainly feels like something is afoot. at lastbeen looking year into this year as being a time of transition and we expect to see growth resume. vonnie: does this tell us about the china economy or are you looking at high rollers? way more so than las vegas. guest: there is a discretionary sense to macau, but there are a lot of other factors at play. the vip business truly collapse and it's a side effect of the anticorruption campaign going on from beijing. it set the stage is anti-extravagant over wealthy chinese. you just do not want to be seen doing crazy stuff. the mass market, a much mor

from the beginning, only hong kong and macau were the achievable destinations.hen you had australia, europe, and sometimes in mexico. a love of traveling. recently inside asia. there is in improving relationship between japan and china. francine: what surprises you the most about the chinese consumer? michele: the speed. francine: at which they shop or travel? [laughter] michele: the speed of evolution. they have been evolving from group traveling to individual traveling. they learn languages fast. all of the journalists speak two or three languages, easily. they have been adapting themselves to food, to traveling conditions, and they get deeper and deeper inside brands. they are comparing prices. this is also an issue sometimes. we're also getting nicer relations. before, with the staff, it was a little bit cold. it is becoming more pleasant. there is more to come. francine: there is a crackdown on bribery, or gifts related to luxury items in china. has it affected ferragamo? or, because you are in shoes, has it not been affected as much? michele: in a certain

is saying i got to get to macau. franz harary, got the look and a cool name. >>> from adele to john legend, some of the great music influences were inspired by jeff buckley. death, his mom in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. and in syracuse, where imagination is in production. let us help grow your company's tomorrow - t os0 g hhe teetndho r uraschceo t$2 bk. rr ts feen sn. llr ointoy.sml sisss tt o beeretrk since 1961, pearle vision has been providing expert eye care. today, we make caring for your eyes even easier. right now, buy one pair of glasses, and get another pair free. this is genuine eye care in your neighborhood. >>> an album out this monday offers a new look at musician jeff buckley. rolling stone called him one of t

and then i would call the ceo and try to understand why macau was doing well or not. better than united states or falling. this also creates pressure from the people who are working. they know i am looking and they must look at themselves. and then you get a lot of information also on more details about the traffic in the stores, the commercial of the day, the ticket. it is interesting to see how these consumers are spending around the world. . but to see how consumers are spending around the world. francine: because it has changed? michele: no. it is too similar. what is surprising me is that you would expect the monte carlo store to have a ticket that is five times and then at the end it is $50 or $100 different. it is surprising to me. because i would have expected a bigger difference. when you look at large averages, they tend to -- francine: it was a great pleasure to have you in the program. thank you. michele: thank you very much. ♪ ♪ announcer: from our studios in new york city, this is "charlie rose." how is it to be back at this house? lin-manuel: very norma

doane in macau. >> where there is a will there is a way. >> a performer is saying i got to get to macauof the great music influences were inspired by jeff buckley. more than 20 years after his death, his mom ♪ >>> an album out this monday offers a new look at musician jeff buckley. rolling stone called him one of the greatest singer of all time. a collectionion of never released buckley recordings. he died suddenly in 1997 and he was only 30 years old. anthony mason shows how his early experimentation still finds an audience. >> reporter: good morning. ten new buckley albums in the nearly 20 years since his tragic death. this latest one, which includes his earliest recordings for columbia is part of an unfolding legacy, turning this once underground song writer into one of the most recognizable voices in music. with his haunting voice. ♪ >> reporter: and singer jeff buckley seemed poised for stardom. ♪ >> he was the most extraordinarily kind and compassionate person i ever met in my life. >> reporter: mary gilbert is buckley's mother. >> in the beginning, his songs were very experimenta

might have been named macau sands.hey were still dazed that we had such a horrendous decline to begin with. they weren't thinks about macau here the chartists were thinks buyers were lurking. we often say that volume is a lie detector, okay, telling us whether a move is for real or not whether there's a small move that technicians ignore it, and there's a small move on heavy volume the chartists drill down laser-like to see if it's a precursor to something bigger. chartists are at all times looking for a big accumulations, or distribution. that's a synonym for selling of a stock. that could telegraph a big decline. they measure these movements by something called an accumulation distribution line. when the calculation is arcane, involving -- i know it is, charting of whether a stock closing higher on greater volume or versus lower on low volume, any brokerage house will -- i care passionately about it. it can go against the conventional grain. they go against the fundamentals sometimes and sometimes they're right. we s

i will call the ceos and try to understand why macau was doing well or not. pressure from the people who are working. they know i am looking and they must know themselves and you get all of the information, the detail about the traffic in the stores, about the ticket. it is interesting to see how these consumers are spending around the world. francine: because it has changed? michele: no. it is too similar. what is surprising me is you can get a ticket which is five times and then at the end it is $50 or $100 different. it is surprising to me. i would have expected a bigger difference. when you look at large averages and they tend to neglect -- they tend to go. francine: it was a great pleasure to have you in the program. thank you. michele: thank you very much. ♪ oh, hi! micky dolenz of the monkees here, getting ready to host the flower power cruise. (announcer) we're taking the love generation to the high seas and reliving the '60s. we'll celebrate that unbelievable era with the music that made it so special. there'll be over 40 live performances featuring

macau, you go to experience an array of facilities.l of becoming a world-class tourism hub is in line with government policies. rishaad: back to commodities after the break. gold on the way up. some say it will not continue. we take a look at that, and the other opportunities. coming up next, on "trending business." ♪ zeb: we have breaking news from china. dollar figures from exports and imports and the trade balance, down. this is a significantly large number. down 25.4%. exports in february, year-over-year. there are seasonal distortions, but this is down below expectations. 25 point 4% down in february exports, year-over-year in dollar terms. the previous month was in january, down 11.2%. that is almost double down in february. imports, also a little bit worse than expected, but not as bad as exports. imports down 13.8%. we were expecting 12%. what this has done has narrowed the trade surplus we saw, the trade gap in january was a 51 -- $63.3 billion in january. to $32.6arrowed down billion. exports are worse, imports are slightly b

for yeararyou couldn't go wrwrg by invesesing g macau. when las vasasrting back from great receceion thth pvided anototr boost. is ia sty of great management. steve wynnnns a a gend in the sino businins. long time,ne of my ils f f being a tough american bsinessman. can't saveveou when the business is o oiterated by forces beyd control including wynn's. which h ings me to the fall l nn rorts. it pead in 2 24 4 theim macaguaying g venues beg to decele. gaming numbers were up0% but - for 2014 just 24%. 24% grow sounds terrific. here's way the stock works. it's all about making relelent judgmes ana slsl down from 40% growth to 24% grgrth i idown right ugly. [ oi >> what went wrong? at the same time the chine economy was slowg the communist t rty \ cicitotorack don corruptionona major way. before the crack down n ina's polical elite ked to g g freekets to macapaid for heir rich buddies. at was t t corruptpt rtrtrtw this we saw a massssss decline e vipipueststacross cau. wynn got hititarar asas014 contind the news from mac, au got worse. soenin

the macau numbers were good. his last conference call, stock up.he last conference call was more bullish. chinese seem to be relenting. vegas used the term terrific. i like win. i wish it would come in. i like steve wynn. steve wynn is a true great american. >> i did want to mention a piece of business this morning. a secondary in motorola solutions that has msi down a few percent. value act, one of the large shareholders, a big win there over many years. $355 million offering. 5 million shares at 71. value act selling a significant part of its ownership of msi. >> really? >> yeah. stock is down. 71 is the offer. last sale had been 73.49. 5 million shares in the secondary. >> that's not as big obviously as the -- that stock has spiked. the marathon offering from marathon is marathonic. >> right. that's up -- that's a primary offering. >> yes. primary. $1.3 billion. upside of 145 million. earlier 130 million. $7.65, that's the piece of business to watch for today. exxon did a $12 billion bond deal. the new field exploration deal was a 23.25, that wo

ae shares are pricing in healthy portion of the less bad view of macau.ot a very thing know, but the shares are going up. -- not a very sanguine note, but the shares are going up. david: we spec to get rates from the bank of japan on tuesday and investors are placing a bet on how much janet yellen and colleagues will be influenced by their foreign counterparts next week. will they follow their lead in adopting negative rates? uses -- fed official suggests using the flight attendant approach. thes on the safety of economy, the emergency equipment of negative rates -- businesses will be more willing to fly. joining us now is carl riccadonna. spell his argument out a bit more for us there. , you aren the plane told that a mask will fall down if you need the oxygen during the flight. you know what the plane is capable of doing and it will be deployed if needed. tracy: that is supposed to make you feel safe. carl: talk about all the things that can go wrong. it may be the case here that the fed should explore this as a policy option if it is needed. i agree th

forlet: luck may change macau casinos. revenue in 2014, 5 times that of the las vegas strip.business report. for more stories, visit bloomberg.com. we are looking at live pictures of the house judiciary committee, where apple and the fbi will be testifying in just a few moments. we will bring you the q&a and testimony live. ♪ ♪ alix: welcome back to bloomberg markets. and james comey are minutes away from ta giving testimony on capitol hill. interview.e gethat i would do is say, the greatest minds and industry to work with the government to come up with a solution that could be laid out to the american people in a way that does both. scarlet: our next guest says abouts not a battle privacy rates, but rather, a battle about appearances. he joins us from palo alto. apple helps prosecutors's unlock iphones previously, and only recently decided to drop a line > -- draw a line in the sand. why now? unlock015, they help secrets for law enforcement in the u.s., in the first half of 3000 times alone. in the san bernardino case, apple has already uncovered secrets held in the icloud.

look at it one way, one is that wynn would never recover from the relentless decline in gambling in macauyo can it was about to open a brand-new casino there, or maybe a better way, the founder and ceo, what did he do? as followed by another $15 million purchase. that's on top of the 63.8 million of insider buying in december. all because he said the opportunity was great to endure, he was very aingely at the chinese government. not only can wynn make no secret of one of the biggest insider buys, but pretty much taunted those who were against him i love that guy. then there's adobe and salesforce.com. two companies that came in on the week that linked in and -- cratered. their from the pin action from linked in and simple data. salesforce falling for 53, adoblest sinking to 73. if you refused to panic, these were amazing buying opportunities. salesforce surged back to 74, adobe now at 94, thanks to the great quarters. here's within last example. in the second week of february, european banks with are teeth elering, oil was plummeted, averaging down double digits, and despite having zero e

the casino numbers for macau the last month are quite good.ning to get easier comparisons. there's a lot of easier comparisons coming because of the dollar or china that will make it you wanted to buy stocks that you hated. wynn. steve wynn is back. the numbers are good. >> it's macau and to your point these are comparisons as this year moves along. >> yes. people have to understand, i know it seems a losery. those compares were down last year. no, market doesn't look at that. they say they're doing better than last year, let's buy. as the stock goes to here, you want to be a big buyer. >> there it is. more coming up on "squawk on the street," i including that opening bell five minutes from now. we got another one. i have an orc-o-gram for an "owen." that's me. ♪ you should hire stacy drew. ♪ ♪ she wants to change the world with you. ♪ ♪ she can program jet engines to talk and such. ♪ ♪ her biggest weakness is she cares too much. ♪ thank you. my friend really wants a job at ge. mine too. ♪ i'm a wise elf from a far off shire. ♪ and sanjay pate

that's the macau story. >> i'm sorry, wyndham -- steve wynn, macau numbers, again, clearly bottom.re they allowing junkets? are they back to junkets. >> i don't know. >> the chinese government, which is anbang, by the way. it's not like the united states. anbang is a state-owned enterprise. they want this because the chinese government is trying to build business away from china. >> anbang has been aggressive here. whether it's the waldorf wald waldorf astoria, or whatever, but there is sentiment that marriott will come back with something in excess of 78 and then put the pressure on anbang to prespond to that. we'll see. the clock is ticking. they got until the 28th. >> i always remember when the board let go of fritz and thought they would bring out more value. they brought out nothing. fritz, here's your hat, what's your hurry? guy built it. >> i think a lot of ceos you don't like to see leave. thinking of allergan. >> david piatt built a great team. i'm marveling at the hedge funds. that heart thing, i'm glad that's over with. get your numbers better. >> you did a piece on "mad

. >> the somebody took his blue and gold macau right off of his motorcycle. his bird can't fly and would have likely put up a bit of a fight. >> he was forced off the motorcycle and they ran off into the crowd. some local motorcycle enthusiast saw it happen and tried to chase them down but could not. >> he's offering a $1,000 reward for information leading to spike, that's the bird spike's safe return. >>> universal orlando is sharing some details on hi, guys! spring is almost here and you know what that means! easter is hopping along. pso, if you're looking to stretch your dollar this easter holiday, pjust look at these savings at your local walmart. orlando, in head-to-head shopping, the total amount saved at walmart vs. winn-dixie was $22.61 - that's 16% on this week's easter basket. why shop anywhere else? fill your basket with walmart's pevery day low prices and get big savings. start shopping with walmart's every day low prices today. some people don't like to share their wifi, but at bright house networks, we do. login to one of our hotspots and get yo

macau, and in terms of the everybody convinced of 6.2.e midterm growth still, you see the kind of confidencemanus: let's get david's take on everything. it is about adjusting the business model in terms of changes. we have had some significant shifts in terms of how the luxury businesses are doing in china. david: indeed. this is part of the vanguard of changes that china has been trying to make, clamping down on the luxury spending. of course, the impact of china's slowdown on luxury does not stop there. that is kind of a sideshow. china's growth pushed up emerging-market growth around the world. that created pockets of wealth. those pockets of wealth were spent on luxury goods. that has been one of the key theers of the earnings in consumer global discretionary sector. some of the expectations for those firms got out of control a year or so ago. now we are seeing similar expectations of what they can deliver on earnings adjusted down. anna: where do you focus your concerns in that regard? are you talking about other countries within asia or further a field -- afield? i think both. i think

revenue in macau was down the month of february 0.1%. analysts were expecting a drop of 2%.ng on these businesses. wynnas vegas sands and resorts are all gaining. salesom is a direct website in china that sells appliances. up 3.4% because it's sales were better than estimated. it had a loss per american depositary share of seven cents. analysts were looking for a loss of only three cents but sales beat by such a wide margin that investors liked that today so it's gaining 3.4%. story, showssler they had a 71st consecutive month of sales and beat estimates with sales of 11.2% and we were looking for 9.2%. that has boosted though shares in the premarket. general motors is rising in sympathy and ford shares are indicated up about 2% right now. general motors and ford will put out sales and about 30 minutes a we will get you those numbers. john: our editor in chief sat down with jamie dimon, chairman and ceo of j.p. morgan chase. he joins us now. thank you very much for joining us. why jamie dimon? thee wanted to get one of most influential people on wall street to talk to is and

one figure was out of macau. we saw gambling revenue creeping back up.s that an indication that the wealthier chinese are feeling a little bit more confident? i love that we can gauge the chinese economy on how much the wealthy are gambling. that is something i am going to run with three go ahead. -- run with. go ahead. michael: the chinese stock market has been so volatile, it has been a little bit like a casino. we are looking at how global stock markets are reacting. ,gain, first half of last year developed markets outside of china did not react. when the chinese market was at 60%, there was not a big through into the western markets. the second half of last year changed a lot. i think now, we are beginning to break away from that a little bit. reactions and policy that are coming out of china seem to be a bit more positive. markets outside of china seem to be a bit more robust. the rest of the world is not automatically down. i think there are more positive signs at play. hans: so there is less of an apple fire effect like we saw in august. has anyth

crackdown has deterred many highrollers from traveling to macau some of the only chinese city where gamblingl. goldman sachs will probably join the list of banks sellhave agreed not to russian debt. the obama administration has urged wall street to sit a away from any russian bond sale, saying its counter to u.s. policy. to wheeling in india. the service will offer motorcycle and scooter service. bangalore,egin in india tech center with rights starting at $.22. scarlet: that is your global business report. go to abigail doolittle live at the nasdaq looking at some biotech movers. abigail: here is the nasdaq after a two day winning streak. the most -- the worst performing sectors are biotechnology and health care. biotech,ake a look at we are talking but the bear market in biotech and this bear ofket is the worst one several since 2000. it has been down as much as 40% from its peak last year. have we seen a bottom or is this selling going to continue? will the biotech bear market manage to pull the nasdaq into a bear market as well? biogenesis down on uncertainty of whether or not one of the

china's antecorruption rackdown is affecting macau. it is only chinese city where gambling is legal. francine? francine: thank you so much. after tocks fell measures to boost growth. we're joined by hsbc's economist. john, great to have you on the program. when you look at g.d.p. in china, it is not looking great. are we expecting more from the pboc and are you concerned about a policy mistake? john: i think we are expecting more from the pboc and fiscal policy. we see more cuts in interest rates is likely. the focus is shifting toward government spending and investment. that really will give you a much more direct boost in aggregate demand. francine: something -- i read a lot of research notes on china and something that comes up again and again is at the end of the day, the pboc will have to do what janet yellen did. zero bound interest rates and a lot of q.e. is there any truth in that? john: i think china is not quite at that level. you have to remember they still have -- to act on fiscal policy. i don't think china necessarily eed

macau share going from 10% to 13%, 14%. people are not going to -- money does not shift, let's not invest in europe. wynn has been a good stock. >> susquehanna cuts starwood to neutral. price target goes up. they think marriott could bid more. >> yeah. i think that -- look. starwood is -- when you go back and look at the timeline of what initially happened, the activists were pressuring this board over and over again, you have to sell. you have to sell. as if there was a short fuse. the short fuse is activism trying to make as much money in the quarter as possible. i don't think starwood was able to -- the board was able to get the action that got the chinese involved. the chinese took a longer-term view and said this is an opportunity. this deal has not closed. there was a small breakup fee. marriott was not able to -- usually you have the deals, there could be gigantic breakup fees. the board was smart enough to recognize, let's not make it impossible for someone to come in i was critical of the board that they felt press

i will call the ceos and try to understand why macau was doing well or not.rom the people who are working. you get all of the information, the detail about the traffic in .he stores, the ticket to see howesting these consumers are spending around the world. francine: because it has changed? -- a ticket which is five times and then at the end it is $50 or $100 different. it is surprising to me. i would have expected a bigger difference. when you look at averages, they tend to -- was a great pleasure to have you in the program. thank you. michele: thank you very much. ♪ the week that tested the metal of the -- -- of the candidates vying to be commander-in-chief. several made their case on this program. on tuesday we sat down with donald trump. the next day, we caught up with senator ted cruz as he campaigned in new york city. >> we look back

the fact that security is a place that lax security in macau fire we've gotten. this is very disconcerting. maria: a lot of conversation yesterday is how it's possible he can get so close. maybe they should've had stops further her way from the capital. the double point, the people's building. dagen: it seems broadly speaking, and would have been in brussels to completely separate by the next that we are not just been thinking about how we can make our security better. and seeing flaws and hold in security and buildings in our airport is that it's only an ability to act after the fact. hopefully law-enforcement and security in general around the world stepping back and saying where are the holes. you would think in this day and age, giving the islamic state attacks overseas that we would be better security in this country. maria: and of course we know at least one armed hijacker took control of an egyptian air flight from alexandria to cairo this morning at 8:30 a.m. local. this on top of the news yesterday cheryl is bringing up as far as the shooter at the capit

shares of casino operators are rising on signs that the gaming revenue slump many macau may be bottoming unchanged from a year ago compared to forecasts of a 2 to 10% drop. apparently, it was almost record-low ratings. >> for the oscars. >> which is hard to believe, when there was so much, you know, preaching and controversy and all the good stuff you hope for in an awards spoken, for people that memorize lines and pretend to be other people. >> we think people who read prompters should get awards. >> dollar tree shares under pressure this morning. the discount retailer missed estimates by 6 cents with quarterly profit of $1.01 per share. revenue is also below forecast. and united technologies was upgraded to outperform from sector perform at rbc capital. rbc says it now considers the company to be in play, even though it rejected an overture from valeant. and the securities and exchange commission launching a new probe into valeant pharmaceuticals. the s.e.c. requesting information about the drug company's now terminated follows relationship with that pharmacy distributor. the news send