Galaxy's largest undeveloped Cotai land bank boosts its growth prospects in the next decade.
Narrow-moat Galaxy Entertainment delivered very strong third-quarter results, which led to our upgrade in mass gaming revenue growth to 17% and VIP gaming revenue growth to 11% for 2017. As a result, our fair value estimate has increased to HKD 46 per share from HKD 41. We now estimate revenue of HKD 59 billion, adjusted EBITDA of HKD 13 billion, and adjusted EBITDA margin at 22.1% for 2017. The group has reduced the number of VIP rooms from 19 to 16 to reduce lower-yielding tables, but we expec...
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