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Including slots, Macau gaming revenues came in around HK$24.3 billion, up 24% YoY.

Average daily table revenues (ADTR) for the last week in March increased to HK$749 million, bringing the March average up to HK$745 million.  ADTR was HK$776 million in February.  As a reminder, March 2011 was the lowest hold month of year at just 2.66% (adjusting for direct play volume of ~6.6% or HK$4.5BN), so the comparisons are tougher the rest of the year.  While Sands Cotai Central (SCC) should grow the market, 2011 also had the opening of Galaxy Macau, so the stimulation from new supply could be similar.  We have seen a YoY deceleration play out throughout the last 3 weeks where YoY growth fell from +51% for the week ending 3/11 to +24%, +17%,  and flat for the week ending 3/18, 3/25, and 3/31, respectively.

MACAU FINISHES MARCH ON STRONG NOTE - macau3

With the exception of Wynn, market shares were little changed from last week.  Wynn apparently got clocked on hold this past week as full month market share dropped 90bps in only one week.  Relative to the 3 month trend, Wynn and LVS were the losers while Galaxy was the clear winner with MPEL also gaining.  We expect Wynn to continue to lose share while LVS will clearly rebound with the opening of SCC. 

MACAU FINISHES MARCH ON STRONG NOTE - MACAU4