Revising April projection a little lower
Not surprisingly, average daily table revenue (ADTR) increased week over week with the opening of Sands Cotai Central (SCC). We would’ve expected a bigger week over week increase than 2% as the past week included four days of SCC. However, we have heard that SCC may have held low in its first few days of operations. Either way, it’s way too early to make any conclusions about the performance of SCC and its impact on market growth.
We are slightly lowering our monthly projection to HK$23.5-24.5 billion which would represent YoY growth of 18-23%.
Despite the opening of SCC, LVS lost 60bps of MTD share in the past week but share remains close to trend. Wynn picked up the most share sequentially, up to 13.2% and well above trend.