Should be another monthly record
Table revenues for the first 10 days of May are in and they look good - maybe not to those expecting Chinese New Year’s (CNY) type numbers. Daily table revenues averaged HK$899 million during the Holiday, the second best week only to the HK$998 million generated during CNY in early February but only slightly higher than that during the October Holidays.
It is very difficult to accurately project out full month revenues at this stage considering we only have 10 days and it was a holiday, and Galaxy Macau is opening mid-month which will likely stimulate incremental visitation. However, we will take a shot. Taking into account the number of weekend days remaining, a significant post holiday slowdown, and the opening of Galaxy, we think an estimate of HK$22-24 billion, up 33-45% is reasonable.
We have heard anecdotally that MPEL and Galaxy held below normal on VIP while Wynn and LVS were above. The only major market share shifts from recent trends was from MPEL to SJM. MPEL appears to be coming back to Earth following a big jump in market share to 17.2% in April, way back down to 12.7% here in May. Here are the details.