AS EXPECTED, MACAU SLOWS BEFORE CNY

No change to January projection

Average daily table revenue (ADTR) dropped from HK$782m per day in the first 8 days of January to HK$546m this past week.  However, volumes typically fall off dramatically prior to the Chinese New Year (CNY) celebration.  While the second week of January’s ADTR only increased 3% this year versus last year, ADTR was an estimated 30% higher than the corresponding lead-in week to CNY last year.  Our HK$23-24 billion (+32-40% YoY growth) January forecast remains unchanged.

AS EXPECTED, MACAU SLOWS BEFORE CNY - macau

Market shares were relatively consistent with last year with the exception of a shift of about 200bps back to SJM from LVS.

AS EXPECTED, MACAU SLOWS BEFORE CNY - macau2