MGM Cotai Should See Faster Ramp-Up due to Market Recovery and Decent Accessibility
In our view, the opening of the USD 3.4 billion MGM Cotai on Feb. 13 marks the reverse of the recent market share loss trend for MGM Cotai and the increase in competitiveness of Cotai East, especially versus Macau Peninsula. While MGM Macau had a good track record in defending market share in the peninsula, we believe a footing in Cotai will give MGM China an even stronger market position. MGM Cotai will expand narrow-moat MGM China’s gaming tables by 29% and hotel room count by 238% at its full...
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