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We remain negative on the Macau stocks but tactically we’d like to see a relief rally before re-shorting.  The Galaxy Phase 2 opening could actually provide a little bit of a catalyst – it won’t be awful and but investor sentiment is awful ahead of this period of capacity increases.  We’re projecting some market growth from the expansion but most of the business generated at Phase 2 should come from the other properties.  For 2015/2016 we remain most concerned with the trends in base mass, which we believe are markedly worse than anticipated by the Street.

Please see our detailed note: