MGM China Long-Term Growth and Intangible Advantage Intact, Driven by Its Macau Gaming License
We reduce narrow-moat MGM China’s fair value estimate to HKD 22.50 from HKD 24 to account for a slightly slower ramp at the new Macau Cotai property. Nonetheless, we view the setback as temporary and think MGM China’s shares remain undervalued. We advocate that long-term investors take advantage of the recent pullback and accumulate shares at the current price level. Management’s strong track record and the introduction of new amenities in the second half make us confident that MGM Cotai’s ramp-...MGM China Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the development and operation of casino games of chance and other casino games and the related hotel and resort facilities in Macau. Co. operates in one business segment, being the management of casino, hotel and food and beverage operations.
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