Contents

The three most important charts in this report ... ..............................................................3

Executive summary...........................................................................................................4

Macau – a gaming model of its own.................................................................................5

Strong growth, and even stronger prospects ...................................................................12

Addressing the market’s concerns ..................................................................................21

Stable landscape and margins .........................................................................................30

Macau has the scale, Singapore has the mix...................................................................37

Valuations appear well supported...................................................................................45

Company section

Galaxy Entertainment Group...................................................................................54

Genting Singapore ...................................................................................................64

Melco Crown Entertainment....................................................................................74

Melco International Development ...........................................................................84

Sands China .............................................................................................................91

Shun Tak................................................................................................................102

SJM Holdings ........................................................................................................113

Wynn Macau..........................................................................................................124