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Our early July revenue estimate is for HK$22.5-23.5BN, up 42-48% YoY.

July is off to a very strong start in Macau.  Table revenues averaged HK$748 million per day for a total of HK$7.479 billion through the first 10 days of the month.  We believe full month total gaming revenues (including slots) is on pace to achieve a range of HK$22.5-23.5 billion, up 42-48% over last year.

As can be seen in the table below, MPEL and MGM were the big market share winners in the first 10 days while LVS and SJM were the losers.  We don’t know as of yet how much hold percentage affected the early July results.  As a reminder, we think MPEL and Wynn should generate the biggest upside from consensus for Q2 EBITDA, in that order.  MPEL appears to be off to the best start for Q3.