Market Share Loss at Galaxy Entertainment Will Be Regained as Galaxy Macau Phase Three Opens
We maintain our fair value estimate of narrow-moat Galaxy Entertainment at HKD 58 and believe the shares are fairly valued. VIP rolling was 22% lower sequentially versus an 18% decline for the industry. Galaxy Entertainment attributed VIP weakness to 10 additional VIP rooms in Macau, 10 to 12 new VIP rooms overseas in the last 18 months, and renovation of its own VIP area. Including the offshore play, the VIP market is estimated to be down 15%. Mass gaming revenue was flattish on a sequential ba...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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