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MACAU IN SEPTEMBER THUS FAR

Early September forecast of HK$20-22BN, up 35-48% YoY.

This is hardly worth commenting on but we’ve got data on the first 4 days of September.  Average daily table revenue dropped from HK$747 million in August to HK$690 million.  Hold was probably a little low especially given that Wynn’s market share dropped to 5.4% which is obviously not sustainable.  Galaxy’s share was also unsustainably low. 

We do expect September to fall sequentially from August both because August was an amazing month and September is historically a softer month.  Our current projection is for September gross gaming revenues of HK$20-22 billion which would provide healthy YoY growth of 35-48%.

MACAU IN SEPTEMBER THUS FAR - sept