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.