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February projection of 1-9% YoY growth

February is off to a strong start in Macau, although we would caution that the data includes only 5 days of data and some of the strength reflects the lagging impact of the Chinese New Year (CNY) celebration.  Average daily table revenues for the first 5 days of February (2 weekend days) were HK$809 million compared to HK$748 million for all of January.  There are a number of moving parts (like that term) impacting the month including:

  • Negative - CNY occurring in January of this year versus February of last year
  • Positive -  February of 2012 contains one extra day (leap year)
  • Positive -  VIP hold was low last year

Given the above factors and the strong start to the month, we are projecting full month GGR (including slots) of HK$19.5-21.0 billion which would represent YoY growth of 1 to 9%.