No change in March estimate of HK$18-19BN.
Macau experienced another strong week and gaming revenues appear to be still on track to meet our March HK$18-19 billion (+37-40% YoY growth). Market shares were little changed from last year with the exception of Galaxy (lower) and MGM (higher) normalizing. The US operators continue to struggle in terms of market share with LVS, WYNN, and MGM all below trend. Galaxy and SJM are well above trend while MPEL is in-line. Here are the results through March 27th: