Morningstar - MGM Resorts International (MGM) Macauâ€™s Growth Opportunity Unchanged After Announcement of ATM Withdrawal Limit

Report

Morningstar

Dan Wasiolek

EUR 147.86 For Business Accounts Only

Macauâ€™s Growth Opportunity Unchanged After Announcement of ATM Withdrawal Limit

We do not plan to adjust our fair value estimates for our Macau-exposed casino operators, as we donâ€™t expect a meaningful impact from the Monetary Authority of Macauâ€™s announcement that the daily ATM withdrawal limit will be reduced to MOP 5,000 ($626) from MOP 10,000. We reiterate our view that Macau gaming revenue will only gradually improve until 2018, when key infrastructure projects come on line that alleviate the region's capacity constraint issues. Further, we remain constructive on the g...

08/12/2016 16 EN

Underlying

MGM Resorts International

MGM Resorts International is a holding company. Through its subsidiaries, the company owns and operates casino, hotel, and entertainment resorts across the United States and in Macau. The company's segments include: Las Vegas Strip Resorts, which consists of casino resorts such as Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, New York-New York, Excalibur, and Park MGM; Regional Operations, which consists of casino resorts such as MGM Grand Detroit, Beau Rivage, Gold Strike Tunica, Borgata, MGM National Harbor, MGM Springfield, Empire City, and MGM Northfield Park; and MGM China, which owns and operates casino resorts and the related gaming subconcession and land concessions.

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US5529531015 New York Stock Exchange United States

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Dan Wasiolek

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Moody's Ratings announces completion of a periodic review of ratings of MGM Resorts International

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Macauâ€™s Growth Opportunity Unchanged After Announcement of ATM Withdrawal Limit

MGM Resorts International: 2 directors

MGM Resorts International: Update to credit analysis

Moody's Ratings announces completion of a periodic review of ratings of MGM Resorts International

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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