• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here


    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

No change to HK$22.5-23.5 billion December projection

Average daily table revenues for the past 8 days in Macau were HK$678 million, off the HK$732 million pace of the rest of the month.  However, this is a typical seasonal pattern.  We are maintaining our HK$22.5-23.5 projection for the full month of December which represents YoY growth of 23-28%.  The set up for January looks favorable as win generated on 12/31 will count in 2012 and Chinese New Year falls in January of 2012 versus February of 2011.  Remember that the DICJ is always one day behind so December actually includes November 30th to December 30th, January includes December 31st to January 30th, etc.

Week over week, WYNN gained the most share, coming from LVS and MPEL, and is now above recent trend.  Despite the sequential drop, MPEL remains at trend.  While LVS is above trend, December should be viewed as a disappointment given the junket push the last couple of months.  We would have expected 200-300bps of market share gains by now for LVS although hold may have played a role.