Macau - Better infrastructure supports long-term visitation growth (Karen Tang)    In China's upcoming 19th National Congress (Oct 18-24th), we believe the "Guangdong-HK-Macau Greater Bay Area" will likely be a key policy initiative. To support Macau's development into a "Global Tourism Center", we believe the Chinese government will ease travel arrangements and improve transport infrastructures. This should help lift Macau's long-term visitor growth from 2% CAGR in 2012-16 to 5% CAGR in 2017-20F. Together with higher spend per visitor, this should allow Macau's GGR to grow at 9% CAGR over the next three years. We see Wynn Macau (Buy) and MGM China (Buy) as biggest beneficiaries as their new Cotai properties can absorb the most incremental high-end visitors. Sands (Hold) should also benefit given 89% of its EBITDA comes from mass & non-gaming. (Karen Tang - 852 2203 6141)

声明：如本站内容不慎侵犯了您的权益，请联系邮箱：wangshiyuan@epins.cn 我们将迅速删除。