OCT MACAU MARKET SHARE OBSERVATIONS

Market shares were remarkably consistent in October versus the previous few months. In terms of rolling chip (RC) volume, the only big movers were Crown (MPEL) and SJM. Crown continued its decline, dropping to around 12% from 14% in September, and well off its high of 20% in April. SJM was the main beneficiary of Crown’s woes. The other companies maintained September’s market share. MGM seems to have found its way in the RC business in maintaining its all-time high market share of 7% achieved in September.

Turning to mass market (MM) revenue, Wynn Macau lost a little market share to MGM, Crown, and SJM. It is unclear whether hold percentage played a role. Wynn Macau’s total Baccarat revenue share (MM and RC combined) declined to 17% in October from it 2008 high of 19% in September. Wynn held very high in September relative to the market. October was consistent with the YTD average of 17%. LVS’s MM market share remain consistent with the past few months although total Baccarat market share dropped sequentially from 28% to 25%. Similar to Wynn, September’s share was boosted by a low RC hold percentage for the market relative to LVS. The opening of the Four Seasons in August has kept market share at 25% or higher the last few months.

Overall, I think October was a fairly uneventful in terms of market share shifts. Visa restrictions continue to have an impact on the overall market but recent share trends seem to be holding.