Full month GGR should come in between HK$22.5-23.0 billion for February, up 17-19% YoY.
Average Daily Table Revenues at HK$775 million were similar to the rest of the month at HK$775 million and above even January's level. Macau is definitely coming in hotter than expected.
The weekly market share moves were interesting, particularly Wynn. Wynn lost 140bps in one week. Usually, moves like that are hold related but we wonder if another factor is at play. Our sources tell us that Wynn could be turning into persona non grata in Asia with this Okada spat. In Macau, people are questioning whether he violated the Privacy Act which, per Portuguese law, prohibits the disclosure of customer information. It will be interesting to get more market share data points to see if this issue impacts business. Obviously, a one week market share drop – as precipitous as it was – is not enough to indicate a trend.
LVS and MPEL were the big market share gainers. Clearly, with Macau’s resurgence, if sustainable, MPEL would be the prime beneficiary. Galaxy continues to disappoint on the market share side. Its trailing 3 month share of 19.6% was hold related so 17-18% may be more the norm and that isn’t good enough.