Q2 performance even softer than previous guidance and market expectations. Wait for final resetting of expectations. July sales further weaken; more incentives Look forward to 4Q, new retail rollout Cotai needs more time to ramp up 2Q18 results largely in line This is what market is waiting for 2Q18 profit beats; takeaways from BMW call Chairman considers increasing stake in the company SSSg momentum is accelerating Key takeaways of 1H 2018 results presentation. Well-diversified geographical mix and new games to deliver long-term growth