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MGM to re-gain share post MGM Cotai opening
 Macquarie Research said it attended the MGM
Cotai opening ceremony on 13 February and returned with a positive impression.
  It expects the new project to deliver EBITDA of US$238m/$378m in FY2018/19 (versus 
consensus of US$227m/$368m), contributing 30%/40% of FY2018/19 EBITDA of MGM China (02282)
after license fees.
  The research house reiterated its "outperform" rating and HK$26 on MGM China. It remains
bullish on Macau GGR and believes that MGM will start re-gaining market share post MGM 
Cotai opening. And the upcoming start of the HK-Zhuhai-Macau Bridge (HZMB) could benefit 
the whole Greater Bay Area, attracting more footprints.
  Macquarie now assumed the Cotai project will gradually ramp up to deliver GGR of 
HK$8.5bn in FY2018

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