MACAU EARNINGS

While well known, Q4 earnings should be terrific.  WYNN should lead the pack.

• The charts below highlight our Macau property estimates and company EBITDA estimates relative to the Street
• We’re projecting the most upside in Macau EBITDA for WYNN (2^nd highest upside for company EBITDA) despite lower than normal VIP hold
• MPEL could post the biggest beat with hold only slightly higher than normal
• We’re projecting 20%+ GGR growth for Macau in January and February and if we’re right, Q1 estimates will need to be raised as well