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


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: