ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Thematic (Sector/Industry)

United states Consumer discretionary / Thematic (Sector/Industry)

<ul><li>Our field trip to Las Vegas suggests a vibrant, lively entertainment city.</li><li>Downtown Las Vegas, not the Strip, is the key positive surprise in that an old town can be rejuvenated into a robust "experiential consumption" story.</li><li>Meeting take-away indicates that the U.S. gaming companies are more bullish on international markets.</li><li>Macau is the clear front-runner in following Las Vegas's footsteps in the latter's evolution into a family entertainment center (prolonging the growth story).</li></ul>

Our field trip to Las Vegas suggests a vibrant, lively entertainment city.Downtown Las Vegas, not the Strip, is the key positive surprise in that an old town can be rejuvenated into a robust "experiential consumption" story.Meeting take-away indicates that the U.S. gaming companies are more bullish on international markets.Macau is the clear front-runner in following Las Vegas's footsteps in the latter's evolution into a family entertainment center (prolonging the growth story).

Field Trip Series: Viva Vegas (Including Implications for Macau Gaming)