FBR Says Macau Valuations 'Starting to Look Interesting'

In a note released September 16, FBR analyst, Jake Fuller explained that although it may not be time to step in just yet, Macau valuations are "starting to look interesting". Fuller suggests waiting until a "bottom" is more visible. He commented, "With consensus estimate likely continuing to fall, little visibility on where Macau win may bottom and concern over labor cost inflation, the timing may not be right just yet." On this point, Fuller says ongoing weakness in Macau is likely and noted the region may post its firstly quarterly decline in years. Looking to a specific company, Fuller said MGM

remains his top focus.