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Credit Suisse said in a research report that Macau's fourth-quarter gross gaming revenue declined 25% year-on-year or 9% quarter-on-quarter, showing a faster drop against the 7% decline in the third quarter. With the high-profit mass market turning more negative, it is estimated that gaming stocks' fourth-quarter EBITDA would fall 12% over the previous quarter, or drop 22% compared with a year ago; the EBITDA profit margin forecast was reduced by 1.2 ppt. 

The broker further pointed out that in terms of revenue, MELCO CROWN (06883.HK)  0.000 (0.000%)   is the only one operator that recorded a quarterly growth (about 3%) in 4Q2014. WYNN MACAU (01128.HK)  +0.050 (+0.249%)    Short selling $73.31M; Ratio 51.006%   's EBITDA may see a substantial decline of 25% quarterly due to the possible loss of market share. 

Credit Suisse suggested investors should slowly add quality gaming stocks with fair valuation, and it was positive towards MGM CHINA (02282.HK)  +0.180 (+1.030%)    Short selling $14.27M; Ratio 15.810%   and MELCO CROWN.

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