Who is buying, page-19

I think the market has already built in all concerns over Macau. The main question is whether this has knocked these gamblers out of the game (considering gambling is treated as an addiction I think this is unlikely) or whether they are sitting by and looking for an alternative. Philipines and Vietnam are poised to pick up some of this business but will these environments, mainly infrastructure, appeal to this crowd? The other alternatives are South Korea, Singapore or Australia. With exposure to Australia and the Philippines Crown is in a very good position. With an estimated US 12 billion less being pumped into Macau casinos yearly there's definitely opportunity.