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Galaxy and SJM, the Hong Kong listed Macau stocks, have been ripping as of late with the US listed Macau stocks doing quite well in their own right. Rumors of Beijing loosening visa restrictions have been the main catalyst. Unfortunately, those rumors are probably unfounded. We still believe visa restrictions will ultimately be loosened, but not until mid to late 2009 when the new Macau Chief Executive takes the wheel.

There is potentially a touch of good news on the visa front. Beijing appears to be allowing higher frequency visitation to high net worth players identified by the casinos. This should certainly help the direct credit business but is not the visa panacea sought by investors.