CALL TO ACTION
GGR fell 49% - slightly better than expected as of last week but well below expectations prior to the start of the month. We remain negative on the near and intermediate Macau outlook. Sequential trends continue to worsen and unless volumes pick up sequentially, March could fall 35-40%, despite a relatively easy comparison. For the full year, we are projecting GGR to decline 24% YoY which would disappoint investors and drive company earnings and EBITDA estimates much lower than current Street estimates.
Please see our detailed note: