Studio City “well on track”: Union Gaming

2013-4-18

From：Macau Business

Union Gaming Research Macau says construction progress at Melco Crown Entertainment Ltd’s Studio City project is “well on track”.

In a note issued yesterday, analysts Grant Govertsen and Felicity Chiang wrote that they visited the site earlier this week, noting that “all piling works seem to have been completed and that several tower cranes have replaced the piling machines”.

The two analysts say that vertical progress should be evident soon and that the project is still “well on track for a mid-2015 opening”.

This means Studio City will be the second casino resort to open during the next wave of Cotai development, behind Galaxy Macau’s phase 2, and at least six months ahead of the remaining competition.

The consultancy expects Melco Crown to report an all-time EBITDA (earnings before interest, taxes, depreciation and amortisation) record of US$266 million (MOP2.1 billion) for the first three months of 2013.

Union Gaming has raised its price target for Melco Crown from US$25 to US$28.

Melco Crown is listed on the Nasdaq and the Hong Kong Stock Exchange.

Copyright@Macau Business