ANOTHER SOLID WEEK IN MACAU

After 17 days, Macau remains on track to hit our July estimate of HK$22.5-23.5 billion of gross gaming revenues (GGR), up 42-48% YoY. 

Table revenues were HK$12.4 billion for those 17 days, averaging HK$729MM per day.  Average daily revenues for the past week were below that of the first 10 days but that was anticipated in our projection.  The first 10 days contained 40% weekend days versus only 29% for the past week.

MPEL looks like the clear market share winner here in July with a 220bp increase in share over its post Galaxy Macau average share.  LVS and MGM seem to be struggling thus far.  We don’t have the Mass vs VIP vs hold breakdown but we are guessing that MGM market share loss was hold related while LVS continues to lose VIP volume share. 

WYNN reports earnings tonight and we are anticipating a big beat and positive commentary about July.  MPEL should post the biggest Q2 beat and management should communicate a significant amount of forward optimism given the July performance of City of Dreams and Altira.   

ANOTHER SOLID WEEK IN MACAU - Macau July