The trend of lower returns on the same capital amount hints at a non-growth stock. The 68% fall in stock over five years indicates investors' recognition of these changes. Decreased ROCE and reliance on company's own money for operations may suggest reduced business efficiency.

Core points:
Our new pecking order: MGM (2282.HK) = Wynn (1128.HK) > Sands (1928.HK) > Melco (MLCO.US, 200.HK) =Galaxy(27.HK)>SJM (880.HK).
We largely maintain our 2Q23 mass gross gaming revenue (GGR) projection of 89% of the 2Q19 level, given:
1) Continued staff hiring, alleviating of bottleneck of hotel rooms;
During the pandemic, all six gaming operators in Macao reduced their employee headcounts, resulting in a labor shortage in t...

- Fed hikes, recession fears in focus
- L3Harris slides after $4.7 bln Aerojet buyout
- Indexes down: Dow 0.49%, S&P 0.90%, Nasdaq 1.49%
Wall Street equities closed lower on Monday for a fourth straight session with Nasdaq leading declines as investors shied away from riskier bets, worried the Federal Reserve's tightening campaign could push the U.S. economy into a recession.
The three major U.S. stock indexes have been pressured sin...