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Takeaway: No surprise here – GGR tracking down 30% YoY. No turn on the horizon.


While somewhat of a throw away month because of the Chinese President’s visit, the 2nd half of December actually performed very similar to the 1st half.  Daily table revenues were almost identical in both halves of the month and a down 30% month looks likely.

What can we say? The relief rally is on but the fundamentals are no better.  Street estimates are lower, and that’s the good news, but estimates are still not low enough. We would fade this rally and look to get more constructive when 2015 Street EBITDA estimates are 10-15% lower, from here, or a positive catalyst emerges.

Please see our detailed note: http://docs.hedgeye.com/HE_Macau_12.29.14.pdf