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Takeaway: LVS's Mass exposure somewhat insulates it from the VIP volatility in Macau

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.