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Macau gaming revenues were much better in the 2nd week of December than the first.  Daily table revs averaged HK$1,033 million, up 33% over the comparable period last year, and 9% better than the 1st 9 days of this December.  We believe both volumes and hold percentage contributed to the strength.  We had already accounted for the improving results, thus our full month GGR forecast remains unchanged at YoY growth of +10-16%.

As expected, market shares have normalized from week 1 although LVS now shows the biggest delta over recent trend.  Wynn and MGM are also above trend thus far in December.  WYNN and LVS remain our favorite Macau stocks.

A BETTER WEEK IN MACAU - m1

A BETTER WEEK IN MACAU - m2