Early August data indicates 34-44% YoY growth for the month.
August is off to a slower start – but still strong – than July with the first week of table revenues of HK$4.5 billion. Average daily table revenues were HK$647 million versus HK$728 million for all of July. For the full month Gross Gaming Revenues, we are projecting HK$20.5-22.0 billion which would represent YoY growth of 34-44% but a drop of 6-13% MoM. July was such a strong month – and surprising considering that July is seasonally slow - we would not be surprised with a sequential slowdown. It’s tough to reach any definitive conclusions with only one week of data but we are monitoring the data closely for any hints of a sustainable downturn in VIP volumes.
In terms of market share, Wynn and Galaxy were the big takers in the first week. MPEL lost share but we are hearing that it was hold related.