Melco Resorts Gaining Market Share in VIP and Mass Helped by Morpheus’ Ramp Up and New VIP Area
Narrow-moat Melco Resorts’ first-half revenue and adjusted EBITDA were 52% and 51% of our full-year estimates, respectively. We are planning to raise our fair value estimate by 30% to 35% to USD 27 to USD 28 from USD 21 per share previously predominantly due to our incorporation of Studio City Phase 2 the first time in our assumptions. VIP gaming revenue registered a 7% year-over-year increase for Melco Resorts, significantly better than the estimated Macau market’s negative 14% in the quarter. ...
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