Contents
The three most important charts in this report ... ..............................................................3
Executive summary...........................................................................................................4
Macau – a gaming model of its own.................................................................................5
Strong growth, and even stronger prospects ...................................................................12
Addressing the market’s concerns ..................................................................................21
Stable landscape and margins .........................................................................................30
Macau has the scale, Singapore has the mix...................................................................37
Valuations appear well supported...................................................................................45
Company section
Galaxy Entertainment Group...................................................................................54
Genting Singapore ...................................................................................................64
Melco Crown Entertainment....................................................................................74
Melco International Development ...........................................................................84
Sands China .............................................................................................................91
Shun Tak................................................................................................................102
SJM Holdings ........................................................................................................113
Wynn Macau..........................................................................................................124