博 彩行业：2018年将继续保持强劲增长，维持“跑赢大市”

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1、股票研ityResearch究SectorReport:GamingSectorNoahHudsonEqu行业报告：博彩行业+8623976684noah.hudson@gtjas.com21December2017StrongGrowthtoContinuein2018,Maintain"Outperform"2018年将继续保持强劲增长,维持“跑赢大市”行Weforecast2018Macaugrossgamingrevenue("GGR")growthofRating:Outperform业15%-17%.Weexpectnewgaming

2、capacitycomingonlinein2018tobeaMaintainedsignificantgrowthcatalyst.MGMChina(02282HK)'snewUS$2.9billion报MGMCotaiwillopenon29Jan.2018andwillberampingupforthe评级：跑赢大市(维持)ctorReport告wholeyear.Alsoin1H18,MorpheusHotelatCityofDreamswillopen.InSe2018,theHK-Zhuhai-MacauBridgewillopenan

3、dtheMacauInternationalAirportisexpectedtoincreasecapacityfrom6mnStockPerformance股价表现passengerstobetween8mnto9mnpassengers.MelcoResorts&Entertainment(MLCOUS)willopenitsnewflagshipMorpheusHotelattheStudioCityproperty.Anothermajor%returnGGRpervisitorincreasedby13.9%YoYtoMOP8,233

4、forthefirst10120.0monthsof2017.HigherGGRpervisitorissupportedbyagreater100.080.0numberofhigherqualityvisitorsasindicatedbymoreovernightvisitors,60.0moreairplaneandhelicoptervisitorsandlongerdurationofstay.201740.0yeartodatethroughOctobernumberofvisitorstoMacauincreasedby20.04.

5、6%YoYwhilethenumberofairarrivalsincreasedby12.7%YoY,the0.0numberofovernightvisitorsincreasedby10.4%YoYandtheaverage(20.0)证staydurationincreasedby3.4%YoY.Attheendof3Q17,therewere(40.0)告52.1%morehotelprojectsunderconstructioninMacaucomparedwithatDec/16Feb/17Apr/17Jun/17Aug/17Oct

6、/17Dec/17券HSISJMHds.theendof3Q16.Morehotelroomcapacitywillbeaddedin2018makingGalaxyEnt.WynnMacau研报visitationtoMacaueasierforthehighernumberofovernightvisitorsthatMelcoResortsMGMChinaSandsChinaareexpected.究究Source:Bloomberg.报研Werecommendto"Buy"MelcoResorts&Entertainment(MLCOUS

7、)SectorValuationityResearchReportandWynnMacau(01128HK).Wealsorecommendto"Accumulate"告券行业估值SandsChina(01928HK)andMGMChina(02282HK).EquEVtoBEstEBITDA(Next4Quarters)Mean证我们预计2018年澳门博彩总收入增速为15%-17%。我们预期2018年新上线的博彩+1ST.DEV.20物业容量将成为重要的增长催化剂。美高梅中国（02282HK）耗资29亿美元的美高-1ST.DEV.18梅路氹物业

8、将会在2018年1月29日开幕，并将在一整年持续扩张运营。2018年上半年，摩珀斯酒店将会在新濠天地物业开幕。在2018年