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No change to HK$18.5-19.5BN revenue estimate for June

Macau generated gross gaming revenues (GGR) of HK$7.46 billion for the first 12 days of the month.  Average daily revenues of HK$621 million were consistent with the first week of June.  Thus, we maintain our full month estimate of HK$18.5-19.5 billion of GGR.  After an amazing May (HK$23.6) billion, a 19% sequential slowdown could be somewhat of a disappointment to investors even though YoY growth should still be around 45%.

LVS continues to hold very well in June, boosting its market share to 17.9%, 240bps above its trailing 3 month average.  MPEL pulled to within 50 bps of its trailing average despite the opening of Galaxy.  MGM was the big loser this week dropping all the way below 7%, no doubt impacted by luck.  Galaxy looks like it is normalizing at around 18.5% since Galaxy Macau opened.

MACAU: 2ND WEEK/SAME AS THE 1ST WEEK - macau2