chelsey: we are talking about dry mass, sands is doing well.ear, there will be some disruption in terms of renovation. on theill be some impact market share landscape for sands. rishaad: when you look at the sector as a whole, it does look cheap valuation wise. why is that the case? have we been too cautious in regard to what is going on? first of all, morningside has a long-term investment horizon so i think it is cheap because we look at the industry in a really long term so just the things i said, like rising middle class and improvement in infrastructure, things like that that will underpin the long-term outlook but right now, obviously the weak macro and the trade war dispute and some people are also concerned about the protests of hong kong, its impact on macau. these are things people are taking away -- taking a wait-and-see attitude. david: you also mention supply constraints as one of the reasons why the industry is undervalued. supply constraints, is it actual tables and the size of the casinos, capacity, or is it infrastructure bring