CALL TO ACTION
We are forced to lower our June forecast yet again. Bad luck in the VIP segment may be partly responsible, but volumes also appear softer. Following a few hints of stability in May, June has resumed the softening sequential trend. 2015 and 2016 Street EBITDA estimates are very much in doubt – we’re not even confident with our below consensus projections – not just from a potentially lower top line. We also think the Street has the mix wrong – base mass is worse than expected, with significant margin and EBITDA implications.
Please see our detailed note: http://docs.hedgeye.com/HE_Macau_6.23.15.pdf