Ann: September Quarter 2019 Trading Update, page-17

I think the bright spot is Aristo, great to see it running at a decent run rate. Win rate still down on theoritical, so still under performing there, but good rebuild of that business. We you consider Chinese New Year etc is in the second half this could be shaping up to be a record year for Aristo if the win rate holds up.

Sadly, the weak point is DSV. What's most concerning is the continued decline in the mass market table and slots basis. Apart from the fact the high win rate saved the results, you can see that, based on total net revenue, with the net VIP business stripped out (assuming 1.8% junket commisions) the slots, non gaming and main floor segments performed very poorly.

Although visitation is only down 15% I'd guess that mass market is down much more, particularily on propery monthly averages from the past. I would guess that not only are less players comming, the ones that are might be increasingly splitting thier budgets up to visit other casinos, most likely the new the Galaxy.

new CEO only been on the job for 1Q, so let's hope VIP volumes improve and costs come down. Overall it looks to be good confirmation a turn around is in full swing at group level. NPAT in the region of A20m FY20 at this stage.

Joe