>> the macau gaming market is billion.over time, macau will go back billion u.s.ming market. that's just gaming alone. the non-gaming card is significant as well. japan, depending on how many cities are jurisdictions, each of those cities, like osaka or yokohama, if it was one or two sites per city, it could easily be a $20 billion market. again, if it is $20 billion divided by two or three or four operators, it would be significant. haslinda: you seem upbeat in the recovery. what do you see as the risk factor? as theink ultimately melbourne resorts is a very -- milk oversight is a young company, we embrace technology. the disruptive businesses around the world like the internet of things, we think about how to embrace the younger generation. we think we are well-positioned. we have so much of the non-gaming advantages that attract people and consumption. your company is not just grant -- for us, it is not just your grandfathers back alley casino. we have the two biggest nightclubs in macau. we have the most michelin star restaurants. fromve the total solution, li

we heard that an extreme amount of money was being extracted from macau's atm. he's poised to make what's being described as a major announce. we don't know what that announcement will be. so should we be concerned about all this? is there enough to derail the incredible turn around that's been taking place with these macau based casinos? i don't want to overreact in either direction, but i'm actually not particularly concerned. if anything, i think this week could be a buying opportunity because we have seen this kind of story play out before. back in december, the casino stocks plummeted after the south china post reported that the chinese government was set to slash the atm withdrawal limit in macau. less access to cash means less revenues for the casinos. over with in days, the actual rule emerged, and it turned out to be less restriction than we thought. the overall limit on daily withdrawals was untouched. you could still withdraw the same amount of money you just had to take more trips to the atm. if you bought wynn stock in that december scare, we would

in terms of macau, we are april, a veryt iconic landmark to be put in macau, a $1 billion hotel.part of studio city, there is a phase two. we are liaising with the government for what they want in the years to come. we are extremely bullish about macau for years to come. >> you touched on japan and you have said before, you will do whatever it takes, spend however much, to ensure you get a license in japan. how confident are you of that and how much are you willing to they are willing to put in $10 billion? gamingink all the global operators, we are one of the top 10, we are all capable, we have the financial capacity to write a $10 billion check. that neutralizes it. we will do whatever it takes. we do not want to put a dollar figure on it. ultimately, the opportunity is priceless. how confident are we to win? process as we are hearing it, they want innovative focus on quality and luxury, local cultures, then melco resorts is the perfect company to do it. if you look at our track record, we have world-class management, the most michelin awards where we operate, and we are very r

there are differences here is one more, every seat at the table game in macau, they take in 7 timesmes more money, it is flopped on table than in have aing as. >> fascinating you've got to go gabe. >> fascinating the chinese take gambling very seriously. and also, you know when you look at what is going on in macau almost as if that was subsidizing the big casinos ownership in las vegas macau making huge amounts of money chinese take it incredibly seriously love it vegas not doing as well all about macau when you look at profitability for the casinos. >> that was not true 10, 15 years ago certainly is true today my time is up i realize a brief exercise on virtues of macau there you can. >> "varney & company" top of the hour we'll be right back. i count on my dell small business advisor for tech advice. with one phone call, i get products that suit my needs and i get back to business. ♪ ♪ and i'm dewey bunnelleckley and together we're the band america. we'd like to invite you to join us and many of our friends on the rock & romance cruise. ♪too much time on my hands you'll see styx i

david: what about macau? about growth in macau. are you planning on trying to get back in there?rs tried to get in there before you were there and didn't. >> cow is something we strategically have never in a. certainly we would have loved to been there. we look at being in asia through other projects that we have, we have a korean license that we will develop in korea. japan, they really like us and are very interested in us, being one of their license holders, and the foreign ministers like the fact that we have not been in macau because we have to be very regulatory and compliant in jurisdictions here in the united states and they love our compliance strength and the fact that we're a benchmark on compliance issues. we think and we have a really good shot at japan, just given the fact that we are not in macau. pleasantly surprised on that front. your numbersg at last year, it looks like 50% of your revenue came out of gaming. when you get past that, will the balance of your company look different? will you be more of a real estate company then you are now? >> the way the compan

the sense that he compared macau to hong kong. hong kong does not have casinos, maccallum does so.ty comes so he thinks osaka is more like that place you go after going to visit a big destination. >> bruce, is it going to be a different story. we know melco has done well and the philippines, some of that owing to how many chinese have gone to the philippines to gamble because of the restrictions in macau. how is that story going to be different for milk in japan -- melco in japan? know how manyn't cities are companies will be getting licenses. the whole procedure has yet to be explained by the government in japan. argument is that japan relies so much on chinese tourists, so having a company melcoilk oh -- no coat -- would give them an advantage. japanese feel about this, this opening up of gambling in their city? we know they love slot machines and are big fans of all sorts of addict of games, but how do they feel about this? is a good question. there is not consensus in japan that opening to casino gaming is a good idea. it is a very controversial proposal. prime minister abe pus

i want to take a look at what's moving in hong kong, specifically macau casino operators.ing shares got as much 8/10 of a percent on monday after the government unveiled new atm rules for cardholders. incident analyst harry curtis says this could be a near-term blip as chinese gamblers are very resourceful moving money from the mainland. wynn results also lowered by that news. international finance containing the spring meeting in tokyo. election results breathing a sigh of relief in the investment world, but there are still times on the road. let's go to our editor, kathleen hays. there's a lot to talk about. what is the focus? let's start on what you just mentioned. he is a special guest. axel weber is the chairman of ubs groups. he's going on his six year as the head of ubs. he gave interesting remarks yesterday. this is an exclusive interview and we are glad you can take the time. you are still concerned about the rise of nationalism, about anti-trade and anti-globalization in europe. >> absolutely. rather a long-term trend than short-term output. if you look at the fr

has beijing's views on the couch aged -- on macau changed?st: they have gotten the message that they are supposed to diversify and not just be entirely reliant on gambling and the high-end gamblers that have all ofbeen suspect, so these new casinos they opened have a lot of amenities, entertainment, conventions, restaurants, things for families , so they are trying to diversify the business because they are being told that they should. >> thank you so much. as you saw or read across the board, the stock taking a pretty big hit. now, in a moment, back in asia, south korea voting in a presidential election dominated by regional tensions, transpacific trade, political and corporate scandals. the presidential candidates themselves are heading to their polls to vote for themselves. these issuesat all in south korea, next. this is bloomberg. ♪ betty: this is daybreak asia. i'm betty liu in new york. yvonne: i am yvonne man in hong kong. south korea seems set for a change of direction after months of political and corporate upheaval. however, the le

kind of looked at it years ago as one of these frontier markets to really build, hopefully, another macau: -- betty: it seems that way. i know you have partnered wi multiple companies through this resort. when you put your money in here, for what is the endgame for you? what would you like to see as the benchmark for success? they are really allowing us to go out and continue building up the operation. right now we have one tower of 500 rooms, living on another tower, a world-class golf course. we really trying to make it a family oriented, integrated resort, potentially building out along the entire beachfront. which they have allocated to our property. i wouldn't say that there is an endgame. i would say that the step of local gaming could be a big step to bringing in partners, foreign partners, in continuing to build out the entire property. -- betty: everyone is looking for the next macau. vietnam, singapore, japan, wherever else. are you looking at other areas? >> no, we are very vietnam such rick -- vietnam centric. i think we have a tremendous opportunity and it has taken a lot lon

vivek: it is linked to macau. this year is the philippine unit. melco has a big presence in macau.riving the philippines stock should not come as a surprise to people who are watching the sector. it is a chinese customer. the philippines president rodrigo duterte, and that link that keeps the casino familiar to the chinese customer. the last thing is, you can call -- those three things combined are making the bet a pretty good bet. if i can say that. much fornk you very that. alibaba posted profits that lagged estimates with adjusted earnings per-share coming in at $.63. selina wang is in new york with more. what was the big surprise here for investors? they missed on earnings per share. it is a big deal because they historically always beat. investors reacted strongly. because al fear was tax rate would increase significantly. on some of the writers spots, they had significant topline astronomical, as usual. if you look at the numbers, you will see revenue growth outpaced -- growth. they got merchants to spend more add dollars on their site. ramy: what about other lines of busines

the turnaround in macau continues.et's look at some of those assets to see whether or not we are looking at a risk on or risk off day. it appears in line with the nasdaq rising by about 6/10 of 1%. it's risk on. we have the dollar sharply higher against the yen, gold lower by 1%. we had the vix trading lower. abigail goodby will go to the president now. he has a meeting with the community bankers. pres. trump: where is linda? linda mcmahon? yes. thank you. where? thanks, linda, for joining us today. she's doing an incredible job helping small businesses, just like you. some of you are not so small. i hate to tell you great a lot of people would like to be small, right, like the small business people. but they are great people. what they do through community development is amazing. community banks are the backbone of small business in america. the reason that young families can purchase their first homes, farmers can buy their next tractor, and entrepreneurs can open up their first business, creating many new jobs in ou

south china morning post leads with a call on macau to improve its governance.tonomous region. finally, to a story in the irish times, about the strange things found at a postal centre. they include an active birds nest, shipped all the way from china and a package containing 4,000 live bees. let's return to france and despite emmanuel macron‘s compelling margin of victory in the presidential election, some believe it was more a vote against the far—right candidate marine le pen than for mr macron. to test public opinion, the bbc‘s huw edwards travelled to meet people in a suburb of paris. it is the annual bank holiday football tournament in this eastern suburn of paris. the reaction to the election seems to be more relief rather than enthusiasm. sure, lots of people voted for him yesterday, but it's almost against marine le pen. he is young and has no past experience. so, it might be difficult for him, but i believe he can — he can do it. it is a complex picture, even in a mixed community like this one. one of the coaches, who left this ballot paper blank, by t

at the career of the man who it says played a critical role in handling the return of hong kong and macauncer has inspired many people to cherish life, by doing just that, but in a very unusual way. 0 may chen, undeterred by her bleak prognosis, arranged her own bridal photo shoot, on her own. she spoke to the bbc. iadmire her i admire her positive view on life. mary harvey as a songwriter who a lwa ys mary harvey as a songwriter who always knew she wanted to be a musician but as an 18—year—old student tragedy struck. she lost the hearing due to a connective tissue disorder and with a potentially her career. now, a decade later, she has three albums under her belt, and tours with a band. how does she do it? the bbc went to find out. music is an expression of the soul. it is like a painting. it is all the memories and stories, and the emotions that you felt at that time, or something you long to feel. i went to college for a vocal music education. i wanted to teach vocal jazz, and in that first year i lost my residual hearing, and was struck from the programme. and to describe it really as

this is on new restrictions in macau, really trying to counterfeit money laundering in macau casinos. trade data, if you have a look at this chart on the bloomberg, it is g #6577. this is the surplus of over $30 billion, the second month of a surplus in a row. still not quite where we were earlier in the year. it is showing a resilience of exports in the china market. they were weaker than what the equity was, but still rising in dollar terms by 8% in the month. manus: thank you very much. let us return to our top story. it is of course france. to help make sense of the macron win and what it means for the business community, caroline connan is standing by. and to talk about that, i am joined with a tech executive, frederick, founder and president of the world's leading carpooling company. good morning. you met emmanuel macron many times over the past few months and few years even. is he really a disruptor? first of all, he is young. he is a new generation. he traded his own party and what has been very striking in this campaign is the biggest party -- the biggest party that were here

the south china morning post leads with a call on macau to improve its governance.it to the autonomous region. finally, to a story in the irish times, about the strange things found at a postal centre. they include an active birds nest, shipped all the way from china and a package containing 4,000 live bees. life for refugee children can be very difficult, as they find themselves far from home and trying to adjust to a culture which may be very different from anything they've seen before. around the world, it's estimated there are roughly two million child refugees from syria alone. now they're getting a little help from a cartoon character called captain tsubasa. he's the hero of a series of manga comic books, which have been translated into arabic. the idea is to inspire young syrian children to dream again, and believe their dreams could come true. joining me now from our tokyo bureau is the translator of those books, obada kassoumah. he's a syrian student who lives in tokyo. it is great to have you with us on newsday. hello. thank you so much. first of all, why

at the career of the man who it says played a critical role in handling the return of hong kong and macau is a 28—year—old taiwanese woman who is battling late stage breast cancer. she has always dreamt of getting married and decided she wasn‘t going to let her bleak prognosis stand in her way. despite not having a groom, she went ahead and arranged her own bridal photo shoot. this is her story. iadmire her i admire her positive view on life. the organisers of hong kong‘s biggest annual pro—democracy march on the first ofjuly say their application to protest this year has been rejected. the civil human rights front said the decision was taken by the management of victoria park, the venue of the rally. but they say it‘s connected to an expected visit by chinese president xi jinping. i spoke with our hong kong correspondentjuliana liu, who told me why this year‘s march was so important. as you know, this year is hugely significant for hong kong because the first ofjuly marks 20 years since the city was returned to china after more than 150 years as a british colony, and as part of the propo

the place where you do build them, places like las vegas, macau, places where you go to have fun.ark: others competing for japanese gambling lysis -- licenses include las vegas sands and others. mario draghi speaking in brussels. some of the headlines include that the central bank has no plans to change qe bond by limits -- bond buy limits. ♪ mark: this is bloomberg markets. mario draghi defending central-bank's decision to continue monetary support in the face of pressure to begin withdrawing stimulus. here is what he said earlier in his prepared marks. >> overall, we remain extraordinarily convinced that an amount of monetary support, including our former guidance, is still necessary for the present level of underutilized resources to be reabsorbed and dor inflation to return to an -- to around 2% within a meaningful medium-term horizon. mark: draghi is taking questions. >> including the enhanced supervision at eu levels and location requirements. you, thultimately be to e eu legislator to decide which to apply to third countries. crucialecb, it will be that it can at least pres

betty: just covering asia, everyone is looking for the next macau, whether it is in vietnam, singaporese. are you looking at other areas in asia outside vietnam? >> we are not. we are very vietnam-centric. we feel like we have a very quality asset there and a tremendous opportunity, and i think it has taken a lot longer than i expected, but we are very excited about the prospects there. ,etty: just on a lighter note one of the life-sciences company he has invested in actually whitens the skin. is managing director had said to me, i see that as a big potential in asia. that is a product i think a lot of consumers in asia would want. he has a variety of investments right now. arene: the whitening creams on a long list of many shoppers in asia. you mentioned about vietnam. what a call, because he is not the only one who sees so much optimism in that market. you can talk about how stock inflows have been at the highest level in at least seven years for vietnam, and expected to theyfurther because reclassified and upgraded pakistan indices to emerging market status this month. potentially,

in macau, the largest casino hub, up 16.3%.nd drawing in high rollers, wynn and sands, maybe casino shares and gayling is back in vogue. >>> target is opening up a store on manhattan's lower east side. the big boss retailer will sign a lease to ohm a 22,500-square foot store in pay development called essex crossing. sounds very british, don't you think? >> yeah. >> and it's interesting they're hoping brick and mortar once again. hasn't than been the knock on retail? >> it's a very trendy area. big box, target-type area. we'll see. >>> netflix, apparently the latest company to fall victim to hackers. the hacker group the dark overlord reportedly releasing eight episodes of "orange is the new black". as a member of the media here i wouldn't use the products of illegal means. >> okay. >>> let's get ready for the first trader week of may. the agenda is just full of economic data. income and spending. isn manufacturing index and construction spending. april auto sales and two-day policy meeting at the federal reserve on wednesday. t

a macau gaming billionaire says when it comes to building in japan, he chooses osaka over tokyo.heavyweights seeking entry into japan after lawmakers voted to open the country to casino gambling. ho says there are more opportunities to develop osaka. that is your bloomberg business flash. mark: british airways says many of its computer systems are up and running again following a weekend of chaos caused by technology failure. hundreds of flights were hit, passengers, thousands of them left stranded. let's get over to bloomberg's managing editor for global business, benedict. what's the latest? latest isrlin, the that systems appear to be back to normal. we have a couple of disruptions still working through the system, a couple cancellations, but nowhere near the epic meltdown we saw over the weekend. thousands of people, if not hundreds of thousands, stranded and affected. the scenes in heathrow, we've seen them on social media, tv. it looked like depictions of hell from the middle ages. bags, looking for their looking for their flights. we have ceo alex cruz on tv and social med

able are successful to curtail the sending out of funds from that the players, that happened during macau at the philippine economy, it is growing gangbusters. >> fastest in southeast asia. >> is that sustainable getting what is happening in congress? the president has been trying to push through tax reform. that would impact the country. think it will get the reform at the end of the day. they need to execute the infrastructure program. if they are successful in that, then that will sustain the growth. we are choking with lack of infrastructure. we need everything from airports to roads. we need the subway. we need all of that stuff under the plan. the way to pay for this is tax reform. they need to get the two done. >> there is political risk, at least that is what the world is saying. do you agree? >> the president has shown he has political will. so far he has shown the will to get things done which is what we need. >> 7% growth sustainable going? >> as long as we spend the 5% of gdp on infrastructure. coming up next, china's eight and a group the biggest stakeholder of deutsche bank.

as he knows in macau are on a hot streak, revenue increase increase for the night -- ninth month in ang from a two-year slump. casinos are now joined to attract families and casual gamblers. that is the bloomberg business flash. tom: exceptionally busy two weeks for bloomberg surveillance. we will be in paris a week from today and then on to london for a week with our team over there as we watch our new offices built. all of that begins wednesday. michael mckee and i will be in washington. francine will be in london. my conversation with ben bernanke. we will not talk about present fed policy. that is part of the rules of the game. but there will be a fed meeting. one of the linkages is chairman bernanke and a press conference. he is the first 1 -- michael: the first one who did press conferences. we don't have a press conference this time. it is as if there was a meeting that really do not happen. tom: draghi -- aixa: a lot of people have push for a press conference every time because they say the markets should be paying attention to it. havechael: a lot of people push for a press c

month last year, exceeding analysts' forecasts and marks ninth consecutive month of positive growth in macautwitter gaining ground as well. the social media giant teamed up with bloomberg to have twitter 24 hours a day, seven days a week, and jack dorsi disclosed he bought shares of his company for $5.9 billion. twitter jumped 6% today off the back of both those bits of news. look at markets, just 30 minutes to go as we said already, we are green across the screen, but much more pronounced gains in the nasdaq, a record high look to be hit at the close, up 0.8%, the dow is essentially flat. barrens right for singling out caterpillar as a beneficiary of the president's tax and infrastructure policies? stick around for the debate on the earth movering equipment makers' prospects. >>> president trump is considering breaking up big wall street banks. we got reaction from the head of the independent community bankers of america at the white house today. plus, he'll tell us what happened at the meeting with the president. also, former wells fargo ceo is joining us. we'll be right back. be right ba.

for instance, in macau, we have the most michelin star restaurants at our properties, so these are importantments that we want to bring anywhere globally. some lines crossing the bloomberg. john williams speaking at an event in singapore, expecting unwinding of the balance sheet to begin sometime later this clearone of the indications we have had so far as to the fed's intentions on how to deal with that balance sheet unwinding, saying gradually raising rates will help prevent overheating when it comes to the economy, saying the u.s. has reached or even exceeded for employment. onare getting jobs numbers friday, expected to be robust, saying we don't want unnecessary volatility and the balance sheet unwinding should run in the background and the "boring." this is coming from a text of the speech he is giving in singapore. john williams saying he's not worried about a hard landing in china and that three rate hikes for the fed still make sense, and inflation approaching 2% within a year or so in the u.s., saying the unwinding of the balance sheet will be gradual and well telegraphed. don't wo