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1、CasinoOperatorsAssumingCoverage21May2020EquityResearchNorthAmericaResearchAnalysts:BenChaiken(212)3254714benjamin.chaiken@credit-suisse.comBenCombes,CFA(212)5382383ben.combes@credit-suisse.comSarahMurray(212)3252282sarah.murray@credit-suisse.comDISCLOSUREAPPENDIX
2、ATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveacon
3、flictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.TableofContents1Introduction2Macau3LasVegas4CompanyAnalysis5DisclosuresAllsharepricesandrelateddatabasedonsharepricesasatthec
4、loseonMay14,2020IntroductionBenChaikenhasassumedleadcoverageofLasVegasSands(LVS),MGMResortsInternational(MGM),andWynnResorts(WYNN).1.Macau:Positiveona2021Rebound,butSupplyAddsRisk§Weexpecta2021rebound,with75%revenuegrowthin2021drivenlargelybythelappingofclosuresando
5、therdisruptions.Keepinmind,MacaualsohaddisruptionpriortothecasinoclosuresrelatedtoCOVID-19,mainlyduetotheHKprotests.WeexpectVIPtocomebackfasterthanMassduetovisaavailability,howeverthatbusinesslikelycarriesmorerisk.§Supplygrowthcluttersthecompetitivedynamic.Threenewr
6、esortsareexpectedtoopenontheCotaistripthroughtheendof2021.Weexpectsupplygrowthtoaddtoanalreadycompetitivemarket.WethinkLVSisbestpositionedinourcoverage,andpreferoverMGMandWYNN.§Favorablelong-termdynamic:WearebullishonMacaustructurally,givenitslong-termleveragetoagro
7、wingmiddleclass(CS’sGlobalWealthReportestimatesamarketof~800mmChinesecitizenswithbetween$10K-$1mminassets)comparedtojust28mmChinesevisitstoMacauin2019,newandplannedinfrastructureprojects,aswellasincreasinglydiversifiedrevenuestreams.§BottomLine:Wethink2021willseesig
8、nificantrevenuegrowth,butthinkinvestorsshouldbeselectivewithoperatorsgivenachangingcompetitivedynamic.Longterm,weexpectcontinuedseculargro
