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CALL TO ACTION

The recent enforcement of the transit visa should adversely impact Mass revenues. While difficult to forecast with precision, a 5-10% impact seems a reasonable estimation. We’ve seen reports that the impact will be immaterial but we disagree with some basic assumptions in that bullish analysis. Whether strict enforcement is temporary or long lasting – we see merits in the argument for both time frames – the impact is likely to dampen estimates and sentiment further here in December.  Thus, we reiterate our negative thesis on Macau stocks.

Please see more details in our note: CLICK HERE