CALL TO ACTION
Dwarfing the importance of the weekly numbers, March visitation figures were released by the Macau government and they were awful. The sharp decline in visitation to Macau partly explains the disaster that was LVS’s earnings report – base mass revenues declined 21% in Q1. While not widely analyzed by the Street, base mass revenues and visitation trends are critical to the performance of the Macau stocks, particularly LVS. Long-term investors own Macau stocks, LVS included, because of the perceived positive growth profile of this high margin segment. From a sentiment and earnings perspective, these trends are disconcerting.
Please see our detailed note: http://docs.hedgeye.com/HE_MACAU_4.27.15.pdf