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Macau gambling company - MPEL

Melco PBL Entertainment (Macau) LTD. (MPEL) AT 20.00

Fundamental: 6
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Jan 8, 2007

Melco PBL Entertainment (Macau) Limited, through its subsidiaries, engages in the gaming and hospitality business. It develops, owns, and operates casino gaming and entertainment resort facilities principally in the Macau market, the People’s Republic of China. The company, through its principal subsidiary, Melco PBL Gaming (Macau) Limited, operates 6 Mocha Clubs featuring a total of approximately 1,000 electronic gaming machines or slot machines. It also has two casino gaming and entertainment projects under development, which include the Crown Macau Hotel Casino and the City of Dreams integrated casino complex.

Macau is the Las Vegas in Asia and the only place in China that allows casino gambling. In 2005 and the nine months ended September 30, 2006, Macau generated approximately US$5.7 billion and US$4.9 billion of gaming revenue, respectively, compared to the US$5.9 billion and US$4.8 billion of gaming revenue (excluding sports book and race book), respectively, generated on the Las Vegas Strip and exceeding the US$5.0 billion and US$4.0 billion (excluding sports book and race book), respectively, generated in Atlantic City, according to the Direcçao de Inspecçao e Coordenaçao de Jogos (Gaming Inspection and Coordination Bureau of the Macau government), or the DICJ, the Nevada Gaming Control Board and the New Jersey Casino Control Commission. Macau is poised for further growth.

MPEL will open its first casino-hotel, the Crown Macau, in April 2007. The company is expected to become a major casino operator in Macau when it opens its City of Dreams mega-resort in mid-2008.

Currently, MPEL is still in development stage. It had generated about $18.2 million revenue for the 9 months ended Sept 30, 2006 with a net loss of about 20 million, or $.12 per share. The numbers do not look attractive yet as Crown Macau is not yet opened. The current market cap of MPEL is around $8 billion and raise a total of $1.14 billion from the IPO. The underwriters for MPEL includes Credit Suisse Securities, Citigroup and UBS. The IPO was priced at $19/share.

MPEL is speculated to be successful for taking the pie of the Macau gambling business and the 6 months target price is $25. MPEL is medium to long term buy and hold stock. After the opening of the Crown Macau, the fundamental of the company can be better understood of its potential. Use a stop loss of $18.00.

Published Tuesday, January 09, 2007 5:47 AM by itradestation
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