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Meanwhile, total gaming revenue and average gaming revenue per visitor are both trending upwards. Macau has more visitors with more money to spend who are spending more on average. Taken with Chinese economic trends, these metrics all seem to point towards a more positive outlook in the long run. So what caused the sell-off? With VIPs at the World Cup, the growth numbers were softer than many analysts expected. The performance of the stocks suffered and investors questioned the underlying growth potential. Reliance on VIPs has been a blessing and a curse. Yet, the VIPs should return to continue to power earnings growth. While acknowledging that the recent Typhoon Mangkhut may delay the bounce back in the numbers, I do not believe that Chinese VIPs will suddenly resist the clarion call of baccarat in Macau. The only way to win is to not play. That may have worked for a very short time but until we see something indicating Chinese VIP’s have given up baccarat, I’m going to keep betting on the house in the stock market.
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