I would also add that VIP gaming is one of those strange businesses that, up to a point,actually sees profit margins improve slightly as revenue declines, so long as it doesn't decline completely. This why they have made a point of saying in the announcement that, although Chinese mainland VIP revenue accounts for approx 12%, the hit to the bottom line is much less.
Agreed, this is oversold.
12% in a teacup, page-7
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