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December projection of HK$21.5-22.5 billion (+17-23% YoY growth)

Table revenue per day last week climbed to HK$719 million, up from HK$668 million in the first 4 days of December, and in-line with November.  Our full month projection is HK$21.5-22.5 billion, which would represent YoY growth of 17-23%.

There were big market share shifts from last week which is understandable since last week contained only 4 days in December.  Surprisingly, LVS lost 210bps from last week but still almost 200bps over its recent trend.  Clearly, the new junket relationships at Four Seasons/Venetian are paying top line dividends.  SJM, WYNN, and MPEL moved up toward trend after unsustainably low share in the first 4 days.  However, WYNN remains well below its post Galaxy Macau share.  Interestingly, all of the operators are fairly close to the post Galaxy averages thus far in December with the exception of LVS and WYNN – LVS up and WYNN down, both approximately 200bps.