Goldman Sachs analyst Simon Cheung upgraded MGM China (MCHVF) to Buy from Neutral with a price target of HK$16.20, up from HK$13.30. As both Galaxy Entertainment (GXYEF) and Melco (MLCO) turned more aggressive in promotional activities since early last year, the firm had been skeptical about MGM’s ability to maintain mid-teens percentage gross gaming revenue market share, but it now sees MGM maintaining market share despite increased competition from adjacent properties, the analyst tells investors.
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