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Takeaway: Poor results from week 1 do nothing to dissuade us from our year long negative view on Macau stocks.

A detailed analysis of last week’s Macau data

Weekly ADTR fell 22% YoY last week. With weekly comps getting more difficult, focused enforcement of the transit visa scheme, and the China Presidential visit on the 19th/20th, trends could worsen further. For the full month, we’re projecting GGR to decline 23-28% YoY. 

We remain 10-15% below the Street on Q4 2014 and 2015 EBITDA estimates.  Numbers and sentiment are likely heading south over the near-term and until we see significantly lower Street estimates and the emergence of a positive catalyst, we remain negative on the Macau stocks.

Please see more details in our note: CLICK HERE