Morgan Stanley Research Asia recently completed a detailed study of the VIP casino players, and our industry in Macau. That study concluded that the significant decline in revenue is directly linked to the drop in Macau’s VIP clientele. Macau used to bring in five times the revenue of Las Vegas but does not have a large customer basis like Las Vegas. The report was compiled by analysts Thomas Allen, Alex Poon and Praveen Choudhary and revealed that Macau derived as much as eighty percent of its gambling revenue from these VIP casino players. Initially analysts believed that VIP customers contributed…