MGM China is an attractive growth story among Macau's six licence holders.
Narrow-moat MGM China’s fourth-quarter revenue was 5% higher than our estimate, while adjusted EBITDA beat our estimate by 11%. The fourth-quarter margin beat was due to the casino playing lucky. The VIP win rate was 3.11%, higher than our assumed theoretical win rate of 2.85%, and the mass hold rate of 170 basis points was higher than our estimate, which was based on the average of the seven preceding quarters. As a result, we maintain MGM China’s fair value estimate at HKD 21.00 per share, and...
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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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