CHART DU JOUR: MACAU EBITDA SHARE

While much of the EBITDA share movements is due to hold fluctuation, we believe LVS will continue to gain revenue and EBITDA share

• LVS maintained its industry leading position thanks to a strong performance from the Venetian.  3Q EBITDA share improved 2.8% QoQ to 27.9%.
• Due to stellar results at Galaxy Macau, Galaxy has surged into 2^nd place, a significant rise over the last year.  Galaxy Macau’s EBITDA rose 12% QoQ.
• MGM continues to hold the rear.  3Q EBITDA was negatively impact by low hold on direct play and rolling chip play.