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Big week raises our August revenue projection to HK$24 billion

There was a big surge in Macau this past week with average daily revenues increasing to HK$891 million vs HK$705 million for the rest of August.  This past week generated the highest revenue since Golden Week in May – pretty astonishing.  High hold probably played a role but we are clearly not seeing any signs of a slowdown in volumes.  We are now expecting around HK$24 billion for the full month,  including slots, which would represent YoY growth of 56%.

There was very little movement in market share from last week.  In August, LVS, WYNN and SJM continue to track below recent trends while Galaxy and MGM are above.  MPEL at 14.7% is slightly higher than its post Galaxy Macau share.  For Q3 MPEL continues to have the most upside in EBITDA from consensus estimates (20% per our projection).