MGM, China State Construction Deal - Analyst Blog
15 Maio 2013 - 2:51PM
Zacks
MGM Resorts International (MGM) recently inked
a Strategic Cooperation Agreement with one of the leading
construction companies, China State Construction Engineering
Corporation, Ltd. in Beijing.
This new agreement was seen as a follow-on of its previous deal
with China State Construction. Earlier this week, the company’s
majority-owned subsidiary, MGM China Holdings Limited teamed up
with China State Construction to set up a resort in Cotai, Macau –
the only Chinese city where gambling is legal. The construction of
this property, MGM Cotai is slated to be completed by early
2016.
Under the terms of this latest Strategic Cooperation Agreement,
China State Construction along with its operating arm, China
Construction Americas, will be providing construction support to
MGM Resorts to develop various other new properties worldwide.
We believe this agreement is in sync with MGM’s strategy to grow
through China as well as other major locations. In fact, MGM’s
geographical diversification will help it to gain market share as
the economy progresses toward recovery and protect it from any
regional downturns.
Beijing, China based real estate developer, China State
Construction, also remains hopeful about its collaboration with MGM
given the latter’s proven track record in the casino business.
Another casino company, Wynn Resorts Limited
(WYNN) also collaborated with China State Construction to build its
integrated resort, Wynn Macau in Macau.
MGM Resorts currently carries a Zacks Rank #2 (Buy). Other
players in the casino gaming industry which look attractive at
current levels include Melco Crown Entertainment
Limited (MPEL) and Las Vegas Sands Corp.
(LVS) both carrying a Zacks Rank #2 (Buy).
LAS VEGAS SANDS (LVS): Free Stock Analysis Report
MGM RESORTS INT (MGM): Free Stock Analysis Report
MELCO CROWN ENT (MPEL): Free Stock Analysis Report
WYNN RESRTS LTD (WYNN): Free Stock Analysis Report
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