Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

Melco Resorts & Entertainment / Equity Bottom-Up

<ul>
<li>We have guided bullish on Melco Resorts &amp; Entertainment as an early bet on the improving conditions for its Philippines Entertainment Zone property and other group catalysts.</li>
<li>GGR in Entertainment City Zone rose 20% in 2021 to US$1.35b--pandemic easing.</li>
<li>Total industry Philippine GGR  for 2021 was up 14.5%  to $2.2b despite a decline in government run Pagcor casinos which had more widespread lockdowns.</li>
</ul>


We have guided bullish on Melco Resorts &amp; Entertainment as an early bet on the improving conditions for its Philippines Entertainment Zone property and other group catalysts.
GGR in Entertainment City Zone rose 20% in 2021 to US$1.35b--pandemic easing.
Total industry Philippine GGR  for 2021 was up 14.5%  to $2.2b despite a decline in government run Pagcor casinos which had more widespread lockdowns.


Out Bullish Outlook on Melco's Manila City of Dreams Supported by 2021 Gains

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/shimao-property-holdings-limited' target='_blank' rel='noopener'>Shimao Property Holdings</a></li><li><a href='/entities/ronshine-china-holdings-ltd' target='_blank' rel='noopener'>Ronshine China Holdings</a></li><li><a href='/entities/lenovo-group-ltd' target='_blank' rel='noopener'>Lenovo</a></li><li><a href='/entities/seazen' target='_blank' rel='noopener'>Seazen (Formerly Future Land)</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Logan Property HoldingsShimao Property HoldingsRonshine China HoldingsLenovoSeazen (Formerly Future Land)and more...

Melco Resorts' (MLCO) Q4 and FY 2021 results were acceptable in our view, albeit still poor relative to the pre-COVID-19 levels. Positively, the company will likely recover faster than peers, supported by higher growth at its assets in the Philippines and Cyprus (compared to Macau). The Macau gaming industry is expected to remain range-bound in FY 2022. Moreover, the spate of COVID-19 cases in Hong Kong means China is unlikely to relax its border restrictions in the near future. We view negatively MLCO's USD 31 mn share repurchases in Q4/21 despite continued negative OCF. This may indicate management's priorities lie in maximising shareholder returns over improving the balance sheet.

  Melco Resorts' (MLCO) Q4 and FY 2021 results were acceptable in our view, albeit still poor relative to the pre-COVID-19 levels. Positively, the company will likely recover faster than peers, supported by higher growth at its assets in the Philippines and Cyprus (compared to Macau). The Macau gaming industry is expected to remain range-bound in FY 2022. Moreover, the spate of COVID-19 cases in Hong Kong means China is unlikely to relax its border restrictions in the near future.   We view negatively MLCO's USD 31 mn share repurchases in Q4/21 despite continued negative OCF. This may indicate management's priorities lie in maximising shareholder returns over improving the balance sheet. 

Melco Resorts - Earnings Flash - FY 2021 Results - Lucror Analytics

This month, we examine the likely rise in bond-exchange transactions for Chinese property players, considering the wall of maturities over the next two months and the poor state of the industry. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  This month, we examine the likely rise in bond-exchange transactions for Chinese property players, considering the wall of maturities over the next two months and the poor state of the industry.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Restructuring Stressed Chinese Property Developers - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/kaisa-group-holdings-ltd' target='_blank' rel='noopener'>Kaisa Group Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/greenland-hong-kong-holdings-ltd' target='_blank' rel='noopener'>Greenland Hong Kong Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsKaisa Group HoldingsGuangzhou R&F PropertiesSunac China HoldingsGreenland Hong Kong Holdingsand more...

Hong Kong

Melco Resorts & Entertainment Limited develops, owns, and operates casinos. The Company offers casino gaming, restaurants, bars, and resorts facilities. Melco Resorts & Entertainment serves customers in Asia.

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Melco Resorts & Entertainment (MLCO US)

Out Bullish Outlook on Melco's Manila City of Dreams Supported by 2021 Gains

MLCO revenue gains in a recovering Manila cycle have not been baked into currently bearish outlook for the stock. At its below US$10 per ADS price...

Howard J Klein

Weekly Wrap - 04 Mar 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Melco Resorts - Earnings Flash - FY 2021 Results - Lucror Analytics

Melco Resorts' (MLCO) Q4 and FY 2021 results were acceptable in our view, albeit still poor relative to the pre-COVID-19 levels. Positively, the...

Lucror Analytics

Asia HY Monthly - Restructuring Stressed Chinese Property Developers - Lucror Analytics

This month, we examine the likely rise in bond-exchange transactions for Chinese property players, considering the wall of maturities over the...

Lucror Analytics

Weekly Wrap - 18 Feb 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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