MPEL: MAY OPENING FOR GALAXY MACAU

Galaxy Macau’s opening in mid-May should force the sell side to raise Q2 estimates. Oh, and they're low for Q1 as well. 

The sell side models are still projecting an April opening for Galaxy Macau (GM).  In fact, one sell side research team put out a report yesterday that mentioned late March as a possibility.  Galaxy announced last night a May 15 opening date for GM, which is an auspicious date in the Chinese calendar.  This is a positive for MPEL as it relates to the sell side models.  It is consensus among the sell siders that MPEL's City of Dreams will be hit the hardest by Galaxy Macau. 

We are already way above the Street for 1Q and 2Q, approximately 16% higher for EBITDA in both quarters.