Gaming revenues in Macau have grown 20 per cent this year, a long way from the 44 per cent recorded last year, says Marc Falcone, the managing director of North America Equity Research at Deutsche Bank Securities. This had led to a shift in expectations in the United States for the enclave's future receipts, he said. Deutsche forecasts that Macau's gross receipts will remain at that level for this year. Mr Falcone said the figures had been below expectations. He was speaking before today's start of a two-day Asian Gaming Expo in Macau, sponsored by the bank. With most of the big-name casino-resort projects not due for completion until 2006 to 2009, Mr Falcone said the Sands Macau operation had produced strong results. Since opening in May last year, it had recorded a 71/2-month tally of $3.11 billion and net earnings of $952 million for the year to December. 'The US market is trying to understand what the future holds for Macau. Investors are more cautious in the transitional period between 2004 and until the major projects are completed,' he said.