AllAnalyst Report
logoMorningstarJuly 20, 2020

Melco Resorts & Entertainment Limited: Melco Resorts Shares Still Undervalued

Symbols
MLCO
Sector(s)
Consumer Cyclical
Rating
Premium
Current Price
$19.66
Fair Value
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Economic Moat
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Stewardship
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Summary

Melco Resorts is one of only six companies with a licence to operate casinos in Macau, the only region in China with legalised gambling. It operates Altira, a complex focused on VIP customers; City of Dreams, an integrated resort in Cotai serving both mass-market and premium-end patrons; and Mocha Clubs electronic gaming machines. In addition, the company also has a majority interest in Studio City, a new casino in Cotai that opened in October 2015. Outside Macao, Melco also owns City of Dreams Manila in Philippines, and 75% stake in City of Dreams Mediterranean in Cyprus. The business mix in term of adjusted EBITDA was about 82% from Macau, and the rest largely from Philippines as of 2019.

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