No change to June revenue forecast of HK$19.5-20.5BN
Last week, Macau slowed down a tad with average daily gaming revenues decreasing to HK$664MM per day from HK$705MM per day the prior week. This is still in-line with the 3-week average daily gaming revenues. Our June GGR forecast of HK$19.5-20.5BN (+50% YoY) remains unchanged.
Market share continues to be volatile as Galaxy Macau and MGM were the biggest losers last week compared with the previous week, while LVS and WYNN gained the most share. Galaxy Macau’s big weekly drop was likely due to soft VIP volumes. We’re also hearing StarWorld appears to be maintaining most, if not all, of its previous volumes. MPEL also gained share last week as CoD continues to do well despite Galaxy Macau next door.