MACAU: NO GROWTH MEANS GROWTH

Even if current levels of business are maintained but not increased, 2014 would still generate YoY growth +12%.

  • As can be seen in the chart below, we are projecting 2014 YoY GGR growth of +16%
  • Considering that YoY growth would still be 12% if Q4 2013 business levels are projected out throughout 2014 (seasonally adjusted) with no growth, our estimate may prove conservative
  • Our January and February YoY projections are likely well ahead of the Street (it’s just the math) so current stock momentum could continue

MACAU: NO GROWTH MEANS GROWTH - ggr