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Due to the public holiday, we probably won’t have Macau numbers until Wednesday.  Here are some things we're hearing from Macau this past week:

  • Golden Week has already started on April 29, rather than the usual May 1, however, play levels this weekend were normal and have not yet seen a big move up on the holiday.
  • Volumes should pick up May 1 and this coming weekend should be strong
  • Since opening a few weeks ago, Sands Cotai Central (SCC) is running at approximately double the rate of Mass play compared to Venetian when it opened in August 2007
  • While SCC Mass volumes have been solid, the Group’s results have been dragged down by weak hold across LVS’s other properties.  We understand that hold at Sands Macau may have been only 2.2% while Venetian and FS are running around 2.5% MTD.
  • VIP volumes at SCC are probably below expectations, however, they are expected to start ramping this weekend
  • 80-120 tables from SCC came from other LVS properties
  • We don’t expect any announcements (including WYNN) on new Cotai licenses until after the May holiday - possibly on June 1
  • As far as approvals go, Sands China’s Lot 3 project is on the back burner. 
  • Galaxy Macau Phase 2:  land is approved but the additional tables are not approved.  They also do not have approval for the building.  They can however, start the pilings.
  • The gaming component of Phase 2 at Galaxy Macau was surprisingly large relative to the other amenities in Phase 2.