Takeaway: While better sequentially, the first 10 days of table revs were disappointing. Remain negative on Macau.

CALL TO ACTION

While sequentially better due to the May holidays, daily table revenues dropped 40% from the comparable period last year. Comps ease in the 2nd and 4th period of the month so the full month GGR decline should look a little better – we’re forecasting -35% YoY for May.  Our thesis remains intact: Street estimates and valuations still do not appropriately reflect the deteriorating trends in the high margin base mass segment.

Please see our detailed note:  

http://docs.hedgeye.com/HE_Macau_5.12.15.pdf