1. Major Players (Gaming)
Stock Price & Key Financial Performance Metrics
Operating Performance
Revenue
CAGR (5yr)
CAGR (2yr)
EBITDA
CAGR (3-5yr)
EBITDA Margin
(US$m)
FY 2012E
Historic
Forecast
MGM
$9,400
6.9%
4.8%
$1,908
2.0%
11.0%
16.4%
Wynn
$5,459
16.3%
 6.9%
$1,563
26.6%
10.0%
29.2%
LVS
$11,899
28.3%
 12.4%
$4,085
54.6%
12.2%
34.0%
CZR
$9,061
-2.2%
1.8%
$2,035
-4.1%
9.7%
22.5%
[Full-Screen:]
On this graphic you will see that MGM’s share price on the top left corner has lagged that of Wynn and Las Vegas Sands in part due to the much smaller exposure to Macau.
However, the overall industry outlook seems to be trending upwards as shown by the revenue and EBITDA growth potential of all of the players. You can also see that once properties are constructed, casino resort operators exhibit healthy operating margins, although these are notably higher in Macau.
This gives you a good starting point for looking at the Las Vegas industry in more detail.
Capital Structure & Valuation
(US$m)  EV
Market Cap
Debt
Debt/EV
EV/EBITDA (FY12)
P/E (FY12)
MGM
$21,158
$6,183
$13,367
63.2%
11.4x
N/A 
LVS
$48,273
$33,753
$9,374
19.4%
13.0x
 18.0x
WYNN
$18,662
$11,547
$5,458
29.2%
12.6x
 20.5x
CZR
$20,169
$781
$20,297
100.6%
10.0x