Macau closed 2012 out with a bang, with monthly gross gaming revenue up 20% year-over-year to HK$27.4 billion. Our estimates were that December would be up a strong 12% and that was before the month started; clearly our estimates were conservative. The killer growth can be attributed to higher VIP hold as well as other factors.
There is now a serious issue regarding the smoking restrictions for casinos in Macau that has now taken effect. It appears the government is taking this very seriously and has already issued a number of fines on the first day of the ban. We expect that this will have an impact on hold percentage over time; if people have to go to a designated area or outside to smoke, that takes them away from the tables.