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Still +40% growth in July revenues

Through July 24th, MTD table revenues were HK$17.1 billion.  With one week left, we’ve narrowed our full month gaming revenue projection range to $22.5-23.0 billion, which includes slots.  This would represent YoY growth of 42-45%, not too shabby.  One slight negative though:  average daily revenue did slide the past week to HK$664 from HK$703 the week prior.  We don’t know if that is hold, normal seasonality, or a real slowdown.  It’s obviously too short of a period to make any real conclusions.

In terms of market share, WYNN took a jump up and joins MPEL and Galaxy as the only companies with higher share in July than the post Galaxy Macau opening period.  MPEL and WYNN continue to generate share in July, even above the pre-Galaxy Macau period.  MPEL looks on track already to best Q3 estimates as they will for Q2 as well.