Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

I am a 25+ year c-level executive of the casino industry in operations, marketing, international development and strategic planning. Currently, a consultant specializing in the casino space. Industry expert contributor and publisher of a subscription letter called "The House Edge". Extensive experience in marketing and development in the Asian gaming market while a senior executive at Caesars, Ballys Grand and Trump Taj Mahal.
Part of senior executive teams that valued acquisitions and mergers with companies in the casino, hotel, d entertainment rant  and restaurant space.

Global Gaming and Casinos Industry Specialist

Macau Gaming August Update: MTD ADR Up 25+% YoY Driven by Robust VIP Demand

Macau Gaming Sept Update: Turning China's FX Policy Is A Positive

Junket Liquidity Drives Macau Gaming Momentum; Stocks Upside Hinges upon Mass Growth

Equity Bottom-Up

<ul><li>The Hong Kong-traded subsidiary of Wynn Resorts Ltd (NASDAQ: WYNN) is responsible for most of the upside trade in its parent. Wynn has moved to US$116 as of this writing. Yet the Macau subsidiary still seems cheap. at HKD $17.34.</li><li>Parent consensus earnings due in early May estimated at US$0.92 for Q1. We sense a beat coming, mostly due to the performance of Wynn Macau Ltd's properties, Wynn/Encore and the new Wynn Palace. This could have a strong knock on effect on the Hong Kong-traded subsidiary which we believe is mispriced.</li><li>Now in its 8th continuous month of revenue recovery and the opening of the Pac-On terminal next month, Macau  GGR is on a runway for a 15% YoY increase for 2017 in our view.</li></ul>

The Hong Kong-traded subsidiary of Wynn Resorts Ltd (NASDAQ: WYNN) is responsible for most of the upside trade in its parent. Wynn has moved to US$116 as of this writing. Yet the Macau subsidiary still seems cheap. at HKD $17.34.Parent consensus earnings due in early May estimated at US$0.92 for Q1. We sense a beat coming, mostly due to the performance of Wynn Macau Ltd's properties, Wynn/Encore and the new Wynn Palace. This could have a strong knock on effect on the Hong Kong-traded subsidiary which we believe is mispriced.Now in its 8th continuous month of revenue recovery and the opening of the Pac-On terminal next month, Macau  GGR is on a runway for a 15% YoY increase for 2017 in our view.

ウィン・マカオの強気要因は、5月の親会社の決算発表まで価格に織り込まれない