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

Gaylord Opryland Resort Disney’s Pop Resort Bally’s Borgata LOCATION Las Vegas Paradise Island Honolulu Lake Buena Vista Las Vegas Las Vegas Macau Las Vegas Las Vegas Las Vegas Las Vegas Nashville Lake Buena Vista Las Vegas Atlantic City HOUSE_OVERSIGHT_018768 ROOMS 3,565 3,414 3,386 3,05

en outside of China. In early 2018, for example, foreign companies, particularly in the travel industry, were targeted for listing Hong Kong, Taiwan, Macau, and Tibet as separate entities on their websites rather than as sovereign parts of China. The Civil Aviation Administration of China sent letters to

returned to China, according to a person familiar with the effort. Wynn, who has contacts with Chinese officials because of his business interests in Macau, hand-delivered a letter to Trump seeking Guo's deportation, The Journal reported last year. A spokesman for Wynn Resorts has said that the report ab

NN) and other casino operators with a presence in Macau may benefit today, after gambling revenue in the

(LVS) could benefit from new gaming figures from Macau, which show that the multi-year slump in gambling