AGM, page-69

Yes I came to realise that too and reworked my model. It seems to fit the data better now.   

Few inferences:

- Plug in  last year win rate, you get a massive uplift of net gaming revenue. Almost 300 mil THB difference. 

- Win rate at 3 percent, that is 140 mil difference. That work out to be 5.8 mil AUD EBITDA.

- MM revenue is really quite stable. Annualising my inferred MM revenue, it is consistent with your statement of about 500 mil THB per annum.

- Last year there was a 10 percent dip in MM revenue if you compared 2018/2017 annual figures.  This year we are back on track. 

Anyway, these are all on paper, what market is scared of is the unseen.  Again, as I said, time will tell!