Epstein Secrets

Buy, PO $33 1Q investment thesis MGM is a levered play to improving/accelerating US economic growth. The US makes up 80% of EBITDA (70% Vegas, 20% Macau, 10% US regional) and the company has 4-5x net debt/EBITDA which is high, but coming down to under 4x by end of 2017 which could allow for a possible

should also see a meaningful free cash flow inflection in 2017 as capex falls off dramatically after its 2 new property openings in Washington DC and Cotai/Macau. Table 1: MGM key stock data Industry Gaming Market Cap (mn) $11,993 Price $28.50 P/E (2017) 21.6x % of sell-side rated Buy 95.7% Short inter

(youth unemployment 35.9%) Chen Guancheng has left the US embassy (now in Beijing medical facility and re- united with family) EFTA00414285 Wynn Macau (1128 HK) gets land grant approval for casino resort on the Cotai strip Macau gaming revenues for April rose 21.9% YoY to 25b1n patacas (inline with

y (now in Beijing medical facility and re- united with family) EFTA00414285 Wynn Macau (1128 HK) gets land grant approval for casino resort on the Cotai strip Macau gaming revenues for April rose 21.9% YoY to 25b1n patacas (inline with estimates) Taiwan to postpone electricity price increases by ab

closed -5.5%) Spanish home transactions decline most in 2 yrs as austerity measures & unemployment crimp demand Wynn Macau wins approval from the Macau government to build a resort on 51 acres in Cotai China's trade surplus narrowed for the first time in 6 months as imports +30.2 (above estimates)

ost in 2 yrs as austerity measures & unemployment crimp demand Wynn Macau wins approval from the Macau government to build a resort on 51 acres in Cotai China's trade surplus narrowed for the first time in 6 months as imports +30.2 (above estimates) y/y China's new lending rose to 548.5B yuan in A

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite In 2018, two additional gaming assets are expected to open in Macau. MGM Cotai is expected to open on January 29, while the 13 could open in late March or early April. We note that the opening of the 13 has been del

anuary 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite In 2018, two additional gaming assets are expected to open in Macau. MGM Cotai is expected to open on January 29, while the 13 could open in late March or early April. We note that the opening of the 13 has been delayed owing t

gm.cib.intranet.db.com/ger/document/pdf/0900b8c0890ec359.pdf> OB Analyst: Peter Milliken MGM (MGM) Why: Dislocated due to no direct Vegas comp and Macau weakness, very attractive sum of the parts valuation with tailwinds from Vegas. Possible Catalyst: Show improving results in Vegas, stabilization i

arts valuation with tailwinds from Vegas. Possible Catalyst: Show improving results in Vegas, stabilization in Macau, highlight upcoming value from Cotai buildout DB Target: $29 Last note: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c0892c105e.pdf <https://ger.gm.cib.intranet.db.com/ge