CALL TO ACTION
Well, the Macau trend is not getting better. With average daily table revenues falling 48% YoY this past week, volumes will have to pick up to hit our -40% projection. While comps ease next week, the back half looks even tougher than week 1. Until mass volumes base sequentially, a positive catalyst emerges, and valuations begin to reflect no contribution from junkets, we remain negative on the stocks.
Please see our detailed note: