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Takeaway: Less bad weekly data (YoY) but on easy comp. Still forecasting January GGR to fall 15-20%.


Nothing really to glean from the latest weekly numbers out of Macau – GGR is set to fall more than anticipated when the month began, but in line with our forecast last week.  YoY revenue deterioration looks better than the rest of the month but that’s due to the easier comparison.  Optically, February should be horrible. By our math, the market could fall 35% and that would represent flat sequential volumes from January, seasonally and calendar adjusted.

We do not as of yet see a basing in the fundamentals while the risk of further deterioration remains high.  Without a basing combined with cheap valuations or a positive catalyst, entry points remain elusive. We will sit it out for now.

Please see our detailed note: