MACAU COOLS IN SECOND WEEK OF MARCH

Still on a pace for mid to high 30s% growth.

Through March 13th, table revenues were HK$7.3 billion month to date.  We’ve seen a slowdown compared to the last few weeks but we believe it is primarily hold related.  Nevertheless, we are now projecting full month March revenue of $17.5-18.5 billion, +33-40% YoY.  Based on just the first week’s data we had been estimating HK$1 billion higher.

In terms of market shares, SJM and LVS gained from week 1 at the expense of Galaxy.  Relative to their 3 month market share averages, LVS and WYNN remain below trend while MPEL and Galaxy are above.  We still see MPEL as delivering the most upside relative to consensus near term EBITDA estimates.

MACAU COOLS IN SECOND WEEK OF MARCH - march 13 table revs