...2015 Gaming Revenues Down 33%¡34% Fitch Ratings forecasts a 33%¡34% decline in 2015 gaming revenues in Macau. Revenues are down 36.2% year to date through September, reflecting the difficult first-half 2014 comparison and pressures on Macau's revenues that began in mid- 2014, mainly the corruption crackdown in China. Fitch's forecast takes into account the seemingly stabilized monthly gaming revenues, coming in at around $2.2 billion or higher since June, but also factors in Fitch's tepid expectations for the new capacity in Macau to drive meaningful incremental growth. Our 2015 forecast assumes recent volumes are maintained and increase slightly after Studio City opens in late October. 2016 Looks Better Fitch expects 2016 to be a stable year relative to the declines seen over the past 15 months. However, we expect growth in 2016 to be relatively flat. The positive impact from the increase in capacity related to Studio City and three additional openings in 2016 will be offset by tough year-over-year...
