Raising our December GGR forecast to HK$22.5-23.5 billion
Macau posted another strong week with average daily table revenues of HK$782 million versus HK$719 million last week and HK$717 million for November. For the second straight week, we are raising our full month projection, this time to HK$22.5-23.5 billion – up 23-28% over last year. It appears our near-term pessimism was unfounded.
MPEL and LVS remain the big winners in December thus far, both with market shares well in excess of trend. MPEL was the clear standout this past week, upping its monthly share 130bps from the first 12 days of the month. We are 12% above the Street for MPEL Q4 EBITDA but it now appears that even our estimate may be conservative. LVS appears on track to beat the Street by 4-5% in Macau.