【出版时间及名称】：2010年1月中国博彩行业研究报告
        【作者】：野村证券
        【文件格式】：PDF
        【页数】：114        
【目录或简介】：
Contents
In a sweet spot but be selective 3
Part 1: Recent concerns of investors 3
Part 2: Sector outlook 5
Part 3: Stock picks: BUY SJM, Wynn Macau, Shun Tak and Galaxy 6
Part 1: Recent investor concerns 9
Growth potential at GDP growth + 300bps in 2010? 9
Supply not a concern since revenue growth > supply growth? 10
No Cotai exposure = lack of growth potential? 11
Losing market share = a reason to sell a stock? 12
Will Singapore get Macau VIPs because they pay higher commission? 13
Part 2: Sector outlook 14
Growth outlook: revenue in 2010-12 to grow by 15-25% pa 14
VIP market (65% of gaming revenue) 15
Mass market (35% of gaming revenue) 18
Industry supply: 2010 in check, but not 2011 20
Market share outlook 21
Appendix I: Macau map 23
Part 3: Latest company views
SJM Holdings 24
Wynn Macau 34
Shun Tak Holdings 50
Galaxy Entertainment Group 59
Sands China 68
Melco Int'l Dev. 91
Melco Crown Entertainment 100