This note was originally published October 10, 2014 at 13:16 in Gaming

In this exclusive interview Todd Jordan gives his insights from Macau.

Gaming, Lodging and Leisure sector head Todd Jordan and senior analyst David Benz walk through their three-pronged negative thesis on Macau gaming (VIP slowdown as a result of a corruption crackdown, mass deceleration and mass margin contraction) and the threat of further shrinking mass margins.