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