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Takeaway: Still trending about -40% for March GGR


Following the slight uptick the week prior, table revenues took another dive down. However, the downturn was anticipated in our model so no change to our -39-40% YoY growth forecast. Looking ahead, the last week of March is typically stronger but the comparison (+28%) is the most difficult of the month.

No change to our cautious investment thesis. Street GGR forecasts have come down and are not far from ours (HE estimate at -24% for 2015). However, we fear the Street is underestimating the Mass revenue deterioration which will adversely impact margins. Consensus EBITDA estimates remain well above Hedgeye.

Please see our detailed note: http://docs.hedgeye.com/HE_Macau_3.23.15.pdf