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Deutsche Bank lifts MGM China (02282) to HK$27
 Deutsche Bank lifted its target price for MGM
China (02282) to HK$27 from HK$24, and reiterated its "buy" rating.
  The research house said MGM Cotai's opening is more low-key than the Parisian opening in
2H 2016, partly because MGM Cotai's building is less iconic than the Eiffel Tower at 
Parisian.
  At opening, MGM Cotai will only have 165 tables on the mass gaming floor as VIP rooms
only open in the summer. Without VIPs, MGM Cotai's early ramp would understandably be
slower than that of Wynn Palace and Sands Parisian.
  If the stock pulls back on disappointments over slow initial ramp, DB recommended that 
investors buy. After all, DB really likes the property's high-end offerings, including the
special VIP entrance, the quick elevator access to the junket floor and the luxurious VIP
villas in the MGM Mansion. It lifted the company's 2019 property EBITDA forecast by 3% to
US$1bn, including US$412m for MGM Cotai.

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