Run rate improved w-o-w helped by luck: The first 17 days of September yieldedMOP11.7bn in gross gaming revenue (GGR). This implies an average daily run rate(ADR) of MOP700m/day for the past week, compared with MOP680m/day the weekbefore and MOP571m/day for the same period last year. Luck played a role in lifting ADR.    Month-to-date win rate normalised to 2.8% based on our estimates vs 2.7% the weekbefore. By segment, mass GGR is still tracking 5-6% lower than August while VIP is c7%below. By operator, Galaxy and SJM have gained share from Melco and Sands based onour observation.    September to track +10-13% y-o-y: Despite an uptick last week, accounting for of apotential slowdown ahead of Golden Week, we continue to expect 10-13% y-o-y growthor MOP20.2-20.8bn. This implies full 3Q17 GGR at +5-6% q-o-q, or +20-21% y-o-y.

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