Slowing Revenue. Our interviews with gaming employees in Macau suggests that the February holiday month over Chinese New Year delivered continuing declines
in line with poor results over the past six months. In most Chinese New Years, revenue rises 20% to 30% as mainland Chinese take advantage of the holiday period to travel to Macau. However, our interview group witnessed this increase halving to 5% to 10%. Some interview subjects suggested there has been a bottoming out in overall revenue but it’s probably too early to tell.