MPEL's share gain is not just hold related, market overall may be holding low despite the top line strength, and Galaxy struggling with staff. Read on.
Here are some of the things we're hearing in Macau.
- Market hold % may be below normal in September. A strong month so far was actually stronger than expected
- Estimated MTD hold: MPEL 4.1%; Starworld under 2.5%; Wynn about 2%.
- MPEL hold % and MTD revenue share of 17.9% implies hold adjusted share of close to 16%, still well above the recent trend of 14.5%. Should be a big Q3 for the company.
- Neptune is opening a room in what is now the Playboy club at Sands. It is also finalizing a deal to come into the Four Seasons (ground Floor) late Oct/Nov. LVS is finally getting aggressive on VIP.
- Golden Group (Angela Ho's only operation at SJM now) will also likely go to LVS, possibly Four Seasons. They also want to have a presence at Sites 5 & 6.
- Galaxy is losing gaming staff – lost 200 or so employees, partly due to poorly trained gaming staff. Galaxy do not have enough staff to fill in the gaps to retrain people. They also have policies to close tables. Wynn is converting some mass tables to VIP on the main floor and as a result, they need more staff.
- Dennis Andreaci – Galaxy Macau's head of gaming ops – has left GM and is coming to Philippines to manage a casino there. There could be more departures.
- Wynn’s main gaming floor is starting to get messy with all the junket operated tables but they are doing better volume
- MGM is genuinely surprised why they haven’t gotten approval on their Cotai site yet
- No change in Visa policy. The rumor floated after a Chinese analyst was not allowed entry into Macau
- Golden Week is shaping up well with all the hotels booked (with junkets).