Who's best positioned to weather the VIP storm?
- LVS mainains the highest Mass exposure as measured by the percent of its total gaming revenue (GGR) in Macau derived from that high margin segment
- VIP has been volatile and turned negative in July. We continue to expect that segment will come under pressure. Wynn and Galaxy are most exposed.
- After a big VIP push - mainly through its Four Seasons property - Mass once again drives over 40% of LVS's Macau GGR following the opening of Sands Cotai Central.