MACAU IN-LINE, LVS BETTER BUT STILL BELOW TREND

Total GGR grew 22% to HK$24.3 billion, toward the high end of our HK$23.5-24.5 billion estimate.  Market shares are below.  Galaxy was the clear winner this month, despite the opening of Sands Cotai Central (SCC) on April 11th.  LVS had a better finish to the month but April market share still came in below recent trend despite the opening of SCC.  We do believe that LVS held low in the month but also that the VIP volumes were probably disappointing.  

 

MACAU IN-LINE, LVS BETTER BUT STILL BELOW TREND - MACAU234

 

MACAU IN-LINE, LVS BETTER BUT STILL BELOW TREND - macau2345