DB 德银：亚洲搏彩业深度报告

－大即是好（78页 英文） 09.20

20 September 78页 英文 2.81M

Asian gaming: Big is better

At the cusp of dynamic growth

Table of Contents
Executive summary ........................................................................... 3
Positive fundamentals....................................................................... 6
Changing landscape ........................................................................ 21
Growth opportunity ........................................................................ 30
Profitability check............................................................................ 33
Valuation .......................................................................................... 41
Galaxy............................................................................................... 48
Genting Bhd ..................................................................................... 50
Genting International Plc ................................................................ 52
Las Vegas Sands.............................................................................. 54
Melco Intl. ........................................................................................ 56
Melco PBL ........................................................................................ 58
NagaCorp ......................................................................................... 60
Resorts World .................................................................................. 62
Star Cruises...................................................................................... 64
Wynn Resorts Ltd. ........................................................................... 66
Appendix A: Organization charts ................................................... 68
Appendix B: Macau Map................................................................. 72
Appendix C: Junket Operation....................................................... 73