Among the Macau casino operators, SJM Holdings, which listed in Hong Kong just over a year ago and is controlled by Macau's own gaming tycoon Stanley Ho, trades at a 2010 EV/Ebitda multiple of 8.5, US-listed Melco Crown, a joint venture between the Ho family's Melco International Development and James Packer's Australian casino business Crown Limited, is quoted at 13.4 and Hong Kong-listed Galaxy Entertainment trades at a multiple of 16.2, according to Bloomberg. Meanwhile, Wynn Resorts trades at a 2010 EV/Ebitda multiple of about 15. One source notes that it would be reasonable to expect that the Macau business will grow faster than the parent after being spun off, given that gaming revenues in Macau are growing faster than those on the Las Vegas Strip and Macau is also highly leveraged to Chinese consumption. It also deserves a premium to the local players because of its strong brand and focus on the VIP market, analysts say.