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  • Macau stocks have slumped 5% due in part to worries about the latest swine flu epidemic which has caused 6 deaths so far
  • The last time we had swine flu fears (June 2009-November 2009), gross gaming revenues (even excluding the opening of City of Dreams) actually continued to improve on a growth level
  • With the two SARS outbreaks (Nov 2002-July 2003, Dec 2003-May 2004), Macau GGR growth accelerated from 19% in 2002 to 44% in 2004
  • Macau stocks could continue to be under pressure but in terms of the fundamentals, precedent suggests business as usual

CHART DU JOUR: MACAU SHOULDN’T WORRY ABOUT THE BIRD - mm