Morpheus Will Drive Melco’s Premium Mass Play Next Year; Raising FVE to $20 per Share
We plan to increase our fair value estimate for narrow-moat Melco Resorts to $20.00 per share from $19.00 due to our improved expectations for Morpheus to increase high-end premium mass play at City of Dreams, strong ramp-up in the VIP segment at Studio City, and a 400-basis-point increase in our 2017 Macau industry gross gaming revenue forecast to 10%. In the second quarter, the higher-margin mass business was flattish sequentially in terms of mass drop, an improvement compared with a contracti...
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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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