德银-亚太地区-酒店、休闲与博彩业-亚太博彩业2018展望：中国需求保持强劲-20180205-24页

5February2018Hotels/Leisure/GamingAsiaPacificGamingConsumerHotels/Leisure/GamingIndustryUpdateAsiaAustralasiaJapanIndustryAsiaPacificGamingDate5February2018DeutscheBankMarketsResearch2018Outlook-ChinesedemandstayingstrongToppicks:WynnMacau,GentingMalaysia&BloomberryTheAsia-Pacificgamingmarketsareenteringits2ndyearofGGRrecovery.WeforecastAsia-PacificGGRtogrow15%toUS$55.1bnin2018F,upfrom13%growthin2017.Bycountry,weexpectMacauandPhilippinestoremainstrongwith2018GGRgrowthat17%and25%,respectively.WeexpectGGRrecoveriesinMalaysia,KoreaandAustraliaonthebackofhighergamingspendperChineseplayer.SingaporeistheonlyplacewhereweforecastaGGRmarketcontraction.Inthe2ndyearofanupcycle,weprefercompaniesthatcanliftgamingspendperChineseplayerasthisgivescompaniesstrongoperatingleverage,andthereforemarginexpansionpotential.OurAsiagamingtoppi