Morpheus will Help Melco's Flagship City of Dreams to Ramp Up
Narrow-moat Melco's 2018 adjusted EBITDA missed our expectations by 1.7%. Luck-adjusted property EBITDA would have been $369 million in the quarter, down 2% year over year and up 11% sequentially; adjusted further for bad-debt provision, it would have been $380 million. Melco’s luck-adjusted property EBITDA margin in Macau was approximately 27% versus 29% in the fourth quarter of 2017 due to a $3 million bad-debt provision in the quarter and an $11 million bad-debt reversal in the year-ago perio...
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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