My interpretation of the data is different than yours as it relates to gambling in Macau... I choose to use an exact metric. Macau GGR. Notice GGR increased in Nov 2012 by almost the exact amount the China economy increased. Notice also that Macau GGR has done nothing but increase since they have been keeping track of it.
The rate of increase has slowed, yes... but it is still increasing. The rate of increase has slowed due to a number of things. Those reasons are big numbers; a stated policy by China's government to slow the economy; a change-over of the China government; the Bo Xilai corruption and murder scandal; Macau Border Gate congestion; and slowing table growth. All contributed to the slowing GGR growth.
Those GGR 'slowers' are being now being replaced with GGR 'growers'. Growth accelerators for Macau GGR are now starting to have an effect. China's economy has infact had a soft landing; China's government has changed; the BO scadal has been weathered; China's government is stimulating infrastructure projects and reducing real estate restrictions; there are more hotel rooms; more gaming tables with more coming in 2013; 24/7 Border Gate hours with more gates opening; and improved tourist transportation infrastructure.
I like the prospects for continued GGR increases...
GGR is a better indicator than the stupid monthly revenue which has many holes in the data.
But GGR is a 'post indicator'.
Some firms are doing their in-the-ground studies.
They are looking for first hand tell tale signs, such as border gate, VIP, mass market volumes,etc.
generally, they are positive and recommending buy.