SOLID WEEK IN MACAU

No change to our September forecast of HK$20-22BN.

A solid week in Macau this past week keeps our full month September forecast at HK$20-22 BN, up 35-48% YoY.  We are hearing that volumes are strong as well so no major market wide hold impact.  Hold is likely impacting the operators individually, however.  Wynn Macau’s market share was only 8.4% and while that is much improved from last week’s 5.4%, it is way down from its post Galaxy Macau (GM) opening of 13.6%.  MPEL continues to outperform with a huge 19.3% share, up from its post GM share of 15.0%.  While hold likely played a role, we are hearing that a lot of play moved over from Galaxy Macau this month.  Not sure why yet.  LVS is lagging once again, well below its recent share.  On a positive note, we are hearing that junket operators Sun City and Neptune are getting close to ramping up at The Venetian.

SOLID WEEK IN MACAU - macau sept