Macau Gaming Sector:VIP segment feeling the pinch

VIP liquidity concerns look more significant than the marketexpects; cutting our 2014E VIP GGR growth to 8% YoY

    Expect robust mass GGR, driven by record-high Mainlandtourists; raising our 2014E mass GGR growth to 34% YoY

    Reaffirming Positive sector rating; our top picks now are Sandsand Melco