MACAU: MARCH OFF TO A STRONG START

March revenues may hit HK$18.5-19.5BN.

The strong end to February continued into March with average daily revenue at almost HK$600 million.  At this pace and taking into account the appropriate number of weekday and weekend days, March is on pace for HK$18.5-19.5 billion in total gaming revenue (including slots).  That level of revenue would represent YoY growth of 40-48%, off of a comp of 42%.  March has a chance to outpace February’s HK$19.2 billion record.

In terms of market share, Galaxy and MPEL were the winners while LVS and WYNN were the losers.  However, we would caution that given the volatility in VIP hold, market shares can shift dramatically from week to week.  Nevertheless, we continue to be impressed with MPEL’s market share and overall revenue and volume levels.  With January and February already in the bag, MPEL seems to have the most upside relative to Street expectations for Q3.

The following table and chart details revenues, market share, and 2-week rolling average daily revenue.

MACAU: MARCH OFF TO A STRONG START - MACAU TABLE

MACAU: MARCH OFF TO A STRONG START - CHINA