2013年7月最新澳门博彩业行业投研报告
1. 德意志银行澳门博彩行业报告
2. 摩根大通澳门博彩行业报告
3. 野村证券澳门博彩行业报告

语言：英文
摘要：

Deutsche Bank

§  Given low base, GGR Growth may stay strong at 20% yoy for July-Aug, but at 12.2x 2013E EV/EBITDA, the bank felt downside risk from China macro is not sufficiently priced in.

§  The bank expected Wynn’s property EBITDA to slip 9% qoq as it slips down the mass table yield league table from #2 to #4.

§  The earnings season should improve in early Aug with MPEL & MGM China reporting their best quarter ever with EBITDA up 9-10% qoq.

JP Morgan

§  The firm estimated VIP win rate is around 2.98% (vs 1Q:3/06%, theoretical: 2.85%).

§  Revenue mix improved slightly with high margin mass segment accounting for 29% of gross gaming revenue (28% in 1Q).

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