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The fundamentals are still in rough shape but the stocks could continue to move higher. The first 11 days of October were better than expected, owing to a decent start to Golden Week. Mass comps are finally easing - October 2014 posted the first negative Mass comp ever - and Macau Studio could provide a late month boost. Given some public commentary and the apparent increase in table allocations to Galaxy and Macau Studio City, the government appears more accommodative, and could announce an expansion of the IVS to additional cities. However, keep a trade a trade since stability, and certainly growth, remains elusive and 2016 EBITDA estimates look much too aggressive to us.

Please see our detailed note: http://docs.hedgeye.com/HE_Macau_10.12.15.pdf