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Though still early, April revenues have been impressive.

Macau is off to another great start to a month with April table gaming revenues of HK$6.7 billion through the 10th.  Adding in slots and taking into account the number of weekend and weekdays, we are making an early projection of HK$19.0-20.0 billion for the full month.  That range of revenues would produce a YoY increase of 44-52%, fairly spectacular given the +70% comparison last April.  We would caution that with only 1/3rd of the month in, it is still early.  We think we’ve taken into account a likely slowdown in late April ahead of the May Golden Week, but that week may be a bit unpredictable. 

MPEL is the clear winner in terms of market share here in April, climbing to 19.5% versus the 14.5% trailing 3 month average.  MPEL’s high teens share in early April is likely unsustainable but we are hearing volumes have been strong.  It is likely that MPEL will post another strong month of share.  Wynn’s share was also strong while Galaxy, SJM, and LVS have taken a hit.  It’s probably not as prudent to be overly focused on market share given the overall strength of the market, however.

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