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Another bad data point – we’d really like to bring good news, a positive pivot, a reason for hope, a catalyst on the horizon, but not today. Following a stronger sequential week due to the May holidays, table revenues are back to bad, and down 40% YoY. Our forecast for the full month of gaming revenues is not quite as bad, owing to easier weekly upcoming comps, but nobody should rejoice over a down 35-38% month. Our concern remains with the base mass where we see the biggest negative delta from Street expectations. Indeed, visitation and floor activity looks weak in May as well.

Please see our detailed note: