Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Macau's mass GGR in 3Q23, including slots, was down just 6.7% on 3Q19 levels, but up 11.1% quarter-on-quarter.</li>
<li>The shifting regulatory sands across the gaming landscape has resulted in VIP baccarat revenue accounting for 24% of GGR in 3Q23, down from 43.8% in 3Q19, and 64.6% in 3Q13.</li>
<li>All concessionaires have been impacted by the collapse of the junket industry. But those who relied less on VIP flow have fared better on a comparative basis.</li>
</ul>


Macau's mass GGR in 3Q23, including slots, was down just 6.7% on 3Q19 levels, but up 11.1% quarter-on-quarter.
The shifting regulatory sands across the gaming landscape has resulted in VIP baccarat revenue accounting for 24% of GGR in 3Q23, down from 43.8% in 3Q19, and 64.6% in 3Q13.
All concessionaires have been impacted by the collapse of the junket industry. But those who relied less on VIP flow have fared better on a comparative basis.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

MGM Resorts International / Equity Bottom-Up

<ul><li>MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record for consolidated net revenues.</li><li>The company showcased strength across its diverse portfolio, with solid earnings from domestic operations, particularly notable in MGM China and BetMGM.</li><li>Regional operations also displayed year-over-year growth on a same-store basis, reflecting the company's commitment to maximizing profitability while delivering exceptional customer service.</li></ul>

MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record for consolidated net revenues.The company showcased strength across its diverse portfolio, with solid earnings from domestic operations, particularly notable in MGM China and BetMGM.Regional operations also displayed year-over-year growth on a same-store basis, reflecting the company's commitment to maximizing profitability while delivering exceptional customer service.

MGM Resorts International: An International Strategy That's Raising Eyebrows? - Major Drivers

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

<ul>
<li>Initial positive study by legislative group completed in 2021. Regulatory follow up could move faster than generally believed igniting a process for market leaders in Asia.</li>
<li>Initial study recommended Bangkok and 22 regional, smaller scale properties including world famous resort area Phuket.</li>
<li>Baseline tourism to Thailand in 2019 rated as the 5th largest on the globe.</li>
</ul>


Initial positive study by legislative group completed in 2021. Regulatory follow up could move faster than generally believed igniting a process for market leaders in Asia.
Initial study recommended Bangkok and 22 regional, smaller scale properties including world famous resort area Phuket.
Baseline tourism to Thailand in 2019 rated as the 5th largest on the globe.


Thailand Casinos: A Game Changer in Early Stages that Could Move Faster than Believed at This Point

<ul><li>MGM Resorts International had a solid first quarter financial performance in 2023.</li><li>Its all-around beat was led by a strong Las Vegas quarter and a considerable rebound at its MGM China.</li><li>The company also improved its property and remodeled the casino floors at both MGM Macau and MGM Cotai to focus on mass and premium mass.</li></ul>

MGM Resorts International had a solid first quarter financial performance in 2023.Its all-around beat was led by a strong Las Vegas quarter and a considerable rebound at its MGM China.The company also improved its property and remodeled the casino floors at both MGM Macau and MGM Cotai to focus on mass and premium mass.

MGM Resorts International: Acquisition Of Push Gaming & Other Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>'s implied stub and the simple ratio (GENT / <a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>) are at multi-year lows.</li>
<li>Preceding my comments on Genting are the weekly setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Genting Bhd (GENT MK)'s implied stub and the simple ratio (GENT / Genting Singapore (GENS SP)) are at multi-year lows.
Preceding my comments on Genting are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


United States

MGM Resorts International operates gaming, hospitality and entertainment resorts.  The Company owns properties in Nevada, Mississippi and Michigan in the United States; and owns interests in properties in Nevada and Illinois in the United States, and Macau. MGM Resorts also offers hospitality management services for casino and non-casino properties around the world.

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MGM Resorts International (MGM US)

Macau Casinos: MGM China Looks Solid

MGM China continued to outperform the market amid of industry recovery. I'd be inclined to long MGM China outright here, or hedge against SJM.

David Blennerhassett

MGM Resorts International: An International Strategy That's Raising Eyebrows? - Major Drivers

MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record...

Baptista Research

Thailand Casinos: A Game Changer in Early Stages that Could Move Faster than Believed at This Point

Thailand casino initiaties are moving ahead, but still far off. Yet positive outlooks on the potential in a nation bode for strong interest from...

Howard J Klein

MGM Resorts International: Acquisition Of Push Gaming & Other Drivers

MGM Resorts International had a solid first quarter financial performance in 2023. Its all-around beat was led by a strong Las Vegas quarter and a...

Baptista Research

StubWorld: Genting Berhad Is Cheap

The market is assigning nearly RM12bn less for GENT's stub ops since the onset of Covid, despite improving deconsolidated EBITDA. Set up the stub...

David Blennerhassett

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