We increase our 2017 Macau gross gaming revenue ("GGR") growth forecast from 14.4% to 16.5%. 2017 total GGR year to date through June increased by 17.2% YoY. Despite the rapid GGR growth, monthly GGR amounts have still been significantly less than the highs reached in 2013 and 2014, indicating further room for recovery. Additionally, we estimate that gaming table capacity will increase by just 2.9% in 2017. The Taipa Maritime Terminal opened on 1 June 2017 and we expect that it will serve as a catalyst for increased visitation to Macau in 2H17 as it ramps up.

Macau Gross Gaming Revenue........... 3

Macau Infrastructure Developments...... 5

Macau Hotels......... 8

Macau Casinos Developments......... 10

Macau Visitors.......... 12

Investment Suggestions.......... 16

Appendix............. 18