We are increasing our February GGR projection to HK$20.5-21.5 billion, or 6-11% growth YoY, up from our previous forecast of 1-9% growth.
Macau generated HK$751 million in table revenue per day in the second week of February versus HK$809 million in the first 5 days. We would’ve expected a bigger slowdown. At this point, it is unclear if hold played a role in the better than expected week in Macau. Remember that February 2012 is a tough month due to the timing of Chinese New Year, partially offset by an easy hold comparison and an extra day this month due to leap year.
In terms of market share, percentages have moderated after a volatile first week. SJM is still trending above but much lower than the 34.9% posted last week. Wynn also moderated downward but is still above trend. On the other side, MPEL and Galaxy are moving back toward normal share after a hold-induced tough first week.