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• Macau Financing: This situation may not be as dire as the market perceives. Less demand certainly contributed to the scaled down financing effort from $7bn to $5.25bn to below $5bn. However, it may not be the type of demand problem people think. Apparently, there is interest from the banks in providing funds to LVS but the company may be scaling back its development on lots 7 and 8. Given the uncertain demand picture in Macau, less capex is probably a good idea.

• Four Seasons: Yes the property opened in August but no, it is not fully open. As far as my guys can see, only 50 rooms are open and the website is still not taking reservations until September 15th.