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We expected the 2H of June to slow, but not this much.

The following table shows June Macau gaming revenues through the 27th.  Clearly, business has slowed over the past week or two.  Based on the HK$11.7 billion in MTD table revenues, we are now projecting HK$13.5 billion in total gaming revenues (including slots) for the full month.  Our previous projection was HK$14.0-14.5 billion or 74-80% Y-O-Y growth versus our new projection of “only” 67% growth.  This could be a small negative on the margin for Macau stocks.

Since our mid-month note, LVS gained some share at the expense of SJM and MPEL.