MACAU MID-FEBRUARY UPDATE

As expected, revenues during Chinese New Year were outstanding. 

Despite the very slow start to the month, gross gaming receipts were HK$9.7 billion through 2/13.  If we include slots and assume more normalized wagering the rest of the month, our previous estimate of HK$17-18 billion looks good, probably skewed toward the higher end.  Market shares have been clearly impacted by hold percentages.  We remain most bullish on MPEL which will report Q4 earnings of February 22nd.  We think recent market share gains are sustainable, flow through should be better than people expect, estimates need to go higher, and CoD/Altira could procure new junkets in the coming months.

MACAU MID-FEBRUARY UPDATE - asdf