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Takeaway: March on track for 40% decline

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: 

http://docs.hedgeye.com/HE_MACAU_3.9.15.pdf