12% in a teacup, page-5

Slide 5 of AGM report shows that VIPs account for $879.3 mil in revenue not $71 billion (though $65 billion in 2016) rather the total turnover is $65 billion. The theoretical win rate is 1.35% in 2016 it was 1.42% so really only 1.42% of that $65 billion comes into the balance books. CWN profit margin across the board is around 12% (the VIP gaming is actually far less as stated in this release). If Crown was to lose the its entire Chinese VIP gaming it would lose 12% of its revenue and leads to a less than 12% drop in profit. This is clearly oversold.