MACAU WEEKLY ANALYSIS (MAY 1-10, 2015)

05/12/15 09:08AM EDT

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

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