MGM Resorts International formally proposed building a $9 billion casino resort in Osaka, reinvigorating its push to open Japan’s first casino gambling facility after pandemic-related delays.
Pre-IPO Market
Nasdaq Inc. is teaming up with a group of banks including Goldman Sachs Group Inc. and Morgan Stanley to spin out its marketplace for shares of private companies. Under current regulations, such deals are typically limited to accredited investors.
Apollo Fortress
Athene Holding Ltd., the insurer and annuity seller backed by Apollo Global Management Inc., agreed to acquire a mortgage lender from Fortress Investment Group as it seeks to pick up assets in the U.K. With the purchase of Foundation Home Loans, Athene will pick up a 3 billion-pound ($4.2 billion) portfolio of mortgages to be managed by Apollo.
Hotel Stocks
The Baird-STR Hotel Stock Index declined by 3% in June, underperforming both the S&P 500 and RMZ indexes, which were both up 2.2% for the month.
Auto Loans
Lenders originated some three million auto loans and leases in March, up about 53% from the same month in 2020 and the highest monthly figure on record. Auto balances for new originations also hit a record of $73.6 billion in March, up 59% from a year prior.
Expected Returns
A recent survey U.S. individual investors found these people expect to earn 17.3% this year, after inflation. That’s more than twice the return on U.S. stocks since 1926, which has averaged 7.1% annually after inflation.
Self-Storage Bounce
As of June 30, total returns from self-storage real-estate investment trusts reached 36%, outpacing other REIT sectors except shopping center and mall landlords. Over the same period, the FTSE Nareit Equity REITs Index gained 22% and the S&P 500 climbed 15%.
Jobless Claims
Worker filings for jobless claims fell to 364,000 last week, reaching a new pandemic low as layoffs continue to recede.
CFPB Moratorium
The Consumer Financial Protection Bureau has issued a final rule that extends its foreclosure moratorium through August 31 — but allows foreclosures to resume after that under limited circumstances. The new rules require mortgage services to give borrowers a chance to avoid foreclosure, including resuming regular mortgage payments and deferring the missed payments until the end of the mortgage term, lowering of monthly mortgage payment amounts or selling their homes.
Katerra Construction
Venture-backed startup Katerra Inc. aimed to revolutionize the construction business by mastering every element of the trade at once. Instead, its June bankruptcy filing wiped out nearly $3 billion of investor money, making it one of the best-funded U.S. startups ever to go bankrupt.