Long-term tailwinds offset short-term volatility for Melco Crown in Macau.
We downgrade narrow moat-rated Melco Crown’s fair value estimate to USD 17.00 per share from USD 24.00 per share due to lower near-term industry gaming revenue, gaming tax assumption increase, and slow ramp up for Studio City. We forecast a five-year adjusted EBITDA CAGR forecast of 12.4% respectively versus 14.0% previously. That said, our narrow moat rating remains constant. Although management noted Studio City’s visitation and mass table yield in July increased over 40% and almost 30% respec...
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