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And January should accelerate from December’s growth rate.

Final December GGR grew 25% YoY, close to the midpoint of our most recent projected range of HK$22.5-23.5 billion.  However, at HK$22.9 billion, GGR was higher than our initial projected range of HK$21.5-22.5 billion.  We don’t yet have the market shares and property details but investors should be satisfied with the solid finish to the year.

Looking ahead, January figures to be a very strong month.  Most of the Chinese New Year celebration will occur in January of 2012 versus February of 2011.  Moreover, January of 2012 contains an extra weekend day relative to last year.  We estimate YoY growth of 32-40% (+7% MoM) for the first month of the year.