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I just returned myself from a vacation to Hong Kong that also included a daytrip to Macau. I was pleasantly surprised to see so many Jones Lang LaSalle placards on prime office/retail real estate in Hong Kong, which was a nice validation of my investment in another Bill Mann pick from Hidden Gems land.

My trip to Macau also included a visit to the Crown Macau to check out my investment in Melco PBL. I was really struck by how different Macau casinos are different than Vegas casinos, which assault you with flashing lights, ringing bells and clanging chips the minute you walk in. Macau casino rooms are by and large hushed and intensely quiet, almost like being in a library. You get the sense that baccarat (the main game played there) is serious business for the patrons, and everybody's focused on their table's action. Slots are mostly relegated to basement parlors, and there are very few of the more boisterous table games, like craps and roulette, to be found. It's mostly baccarat, some blackjack, and a game that involves a dealer placing a cup over a pile of beads and then players betting on how many beads are left in the cup after multiples of four are removed. As my guidebook said, it's about as exciting as it sounds.

Anyway, it was an interesting experience, and I'd love to go back!
Herman
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