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Philippines opportunity underappreciated by investors

  • Details are scarce but we think MPEL will invest between US$300-580 million and procure a management fee
  • The phase one construction cost may be around US$700 million with any additional hotel towers/amenities likely funded almost exclusively by MPEL
  • As can be seen from the chart, MPEL generates positive shareholder value if the project generates EBITDA north of $125 million.  Resorts World Manila – the only existing integrated casino resort in the Philippines – generates annualized EBITDA over US$300 million.

CHART(S) DU JOUR:  MPEL PHILIPPINES OPPORTUNITY - phil2