【出版时间及名称】：2010年1月澳门博彩行业研究报告
        【作者】：BNP百富勤
        【文件格式】：pdf
        【页数】：44
        【目录或简介】：

Contents
1) Macau gaming: Tip of the iceberg ............................................................................................................................................ 3
Macau’s GGR to jump 17-20% y-y in 2010-11E................................................................................................ 3
Continuous influx of mainland PRC tourists....................................................................................................... 5
Operating landscape – oligopoly market............................................................................................................ 5
Sands China, MPEL and Galaxy are market-share gainers in 2011E............................................................... 6
Roller-coaster movements in 2008-09 ............................................................................................................... 9
Junket operators’ vital role in VIP market......................................................................................................... 10
Junket commission capped at 1.25% of rolling-chip turnover.......................................................................... 11
Supply situation is contained........................................................................................................................... 11
Macau may raise legal gaming age and impose table limits............................................................................ 13
Stringent rulings on Singapore VIP gaming is positive to Macau .................................................................... 13
Hainan Island exploring the possibility of offering welfare lotteries and slot machines ................................... 14
2) Sands China (SC) is our top pick .......................................................................................................................................... 15
3) Sands China (BUY): Macau gaming supremacy ................................................................................................................... 16
SJM (BUY): The moving elephant.................................................................................................................... 16
Melco Crown (BUY): Heavily oversold............................................................................................................. 16
Galaxy (HOLD): Future growth in the price...................................................................................................... 17
Wynn Macau (REDUCE): Excessive valuation................................................................................................ 17
4) Company updates................................................................................................................................................................... 19
Sands China.................................................................................................................................................... 20
SJM Holdings .................................................................................................................................................. 23
Melco Crown ................................................................................................................................................... 26
Melco International .......................................................................................................................................... 29
Galaxy Entertainment...................................................................................................................................... 32
Wynn Macau ................................................................................................................................................... 35
Shun Tak Holdings .......................................................................................................................................... 38