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

beverage maker from Ajinomoto Marubeni said to be close to buying US grain trader Gavilon for $5 billion S.74 robust Q1 results with profit up 22%, Cotai land grant as future catalyst (closed -0.71%) Toshiba forecast net income 135b Yen vs est 127.6B Yen (to focus on flash memory) Mitsubishi sees re

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

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

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

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