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Takeaway: Our gaming, lodging and leisure team predicted the deceleration in the mass business in Macau.

The Street’s bullish thesis of Mass in overdrive has grinded to a halt with the release of the July Macau detail.  Mass revenue grew only 17% year-on-year, well below our projection of +24% and consensus of +30%. 

The disappointing Mass performance is in line with our Mass Decelerating theme for the second half of the year but the slowdown is occurring faster than even we thought.

In this video from June 13, Gaming, Lodging and Leisure Sector Head Todd Jordan and Senior Analyst David Benz discuss the likelihood for a slowdown in the mass business.