Galaxy Benefited From Its Strength in Both VIP and Mass in 2Q
Galaxy Entertainment’s second-quarter adjusted results were solid, and we are planning to raise the group’s fair value estimate by 10%-20% due to a 400-basis-point increase in our 2017 Macau industry gross gaming revenue forecast to 10% and strong performance in the second quarter. Despite weaker seasonality, the group's luck-adjusted EBITDA in the second quarter would have been up 6% sequentially versus 3% as reported. Adjusted EBITDA margin was up 19 basis points sequentially. Galaxy’s VIP and...Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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