Wall Street's walking into a Macau trap

We're starting to hear talk around Wall Street -- people are saying the worst is over in Macau. "With the central and Macau governments essentially putting a 'policy floor' on the industry revenue, we believe that the worst is over for both GGR [Gross Gaming Revenue] and share prices," Credit Suisse analysts wrote in a recent note. "We expect gradual sequential revenue recovery into a seasonally stronger 2H." Good luck with that, because a lot of the things holding Macau back -- President Xi's ...