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Growth may slow down to 15-20%

Average daily table revenues were only HK$668 million in the first 4 days of December versus HK$717 million for November.  While early, we are currently projecting HK$21-22 billion in total GGR for December which would represent a YoY increase of only 15-20%.  Remember that December faces a difficult hold comparison from last year.  

The first 4 days’ revenues are a little disappointing especially considering that 2 out of the 4 days were weekend days.  However, it’s only 4 days and we are hearing that Wynn is holding low so far in December.  We also expect Wynn to continue to see volume share declines.  LVS continues to make headway with its new junket program with share jumping 400bps from recent trend.  MGM was the other standout so far in December.

MACAU OFF TO SLOW START IN DECEMBER - dec