MACAU OFF TO SLOWER START IN MARCH

March GGR estimate up 23-33% YoY

 

 

It’s only 4 days so not much read through yet but we’ll tell you what we have.  Average daily table revenues were HK$748MM which is down from February’s surprisingly strong HK$779MM.  We would have expected better since two out of the four days were weekend days.  On a full month basis, the calendar is favorable with one extra weekend days.  Some people are saying two extra weekend days but the Macau government counts one day in arrears.  Overall for the full March including slots, we are estimating GGR at HK$24-26 billion, up 23-33% YoY.  Last year in March, VIP hold was percentage was the lowest of the year.   

 

MACAU OFF TO SLOWER START IN MARCH - macau1

 

Market share is irrelevant at this stage of the month so we have little commentary other than to say Galaxy looks like it is taking one on the chin in terms of hold.  Galaxy has been struggling with share recently and we expect that trend to continue, particularly with the opening of Sands Cotai Central next month.  Wynn and MPEL are off to strong starts.

 

MACAU OFF TO SLOWER START IN MARCH - MACAU2


Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more

A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

read more

Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

read more

Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

read more

An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

read more

A 'Toxic Cocktail' Brewing for A Best Idea Short

The first quarter earnings pre-announcement today is not the end of the story for Mednax (MD). Rising labor costs and slowing volume is a toxic cocktail...

read more

Energy Stocks: Time to Buy? Here's What You Need to Know

If you're heavily-invested in Energy stocks it's been a heck of a year. Energy is the worst-performing sector in the S&P 500 year-to-date and value investors are now hunting for bargains in the oil patch. Before you buy, here's what you need to know.

read more

McCullough: ‘My 1-Minute Summary of My Institutional Meetings in NYC Yesterday’

What are even some of the smartest investors in the world missing right now?

read more

Cartoon of the Day: Political Portfolio Positioning

Leave your politics out of your portfolio.

read more

Jim Rickards Answers the Hedgeye 21

Bestselling author Jim Rickards says if he could be any animal he’d be a T-Rex. He also loves bonds and hates equities. Check out all of his answers to the Hedgeye 21.

read more

Amazon's New 'Big Idea': Ignore It At Your Own Peril

"We all see another ‘big idea’ out of Amazon (or the press making one up) just about every day," writes Retail Sector Head Brian McGough. "But whatever you do, DON’T ignore this one!"

read more