Susquehanna noted the year-long negative headlines out of Macau that affected the gaming sector, including rumors of smoking bans, potential for additional supply and gaming revenue declines. The firm said June represents the first month of negative prior year gaming revenue growth comparisons and that has investors optimistic. Susquehanna lowered its estimates given the lack of visibility, but encourages investors interested in Macau to focus on Las Vegas Sands (LVS) and MGM Resorts (MGM), given greater downside protection offered by those stocks than others in the Macau space.