Table revs thru the 14th were HK$7.4BN.  Normalizing the rest of the month, including slots, would produce 35-39% YoY growth for November.



Table revs slowed down  in November, averaging a still respectable HK$498MM per day in the 2nd week from HK$562MM in the 1st week.  We believe the monthly run rate for total gaming revenues including slots slipped to HK$16-16.5 billion. At this level, November would represent 35-39% growth YoY, the lowest rate since August 2009.


The Macau Grand Prix starts this Thursday. While the event may encourage the Mass to come out and gamble away on the peninsula, VIP volumes may fall as players stay at home to avoid the road restrictions that makes it inconvenient to move around.  Thus, daily revenue for the coming week may continue to be soft.


Driven by low hold, LVS continues to underperform with a measly 12.9% share, way below its trailing 3-mth average of 19%.  It looks like SJM has taken significant share from WYNN; comparing the 2nd week with the 1st week, SJM gained 3.8% points to 34.6% share and WYNN lost 6.4% points to 12.3%.  Confirming its recent uptrend, Melco has been able to sustain its above-average share.



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