MACAU: A SLOW WEEK FOLLOWING GOLDEN WEEK

We are lowering the top end of our May forecast range from HK$29 billion to HK$28 billion. 

Our new range of HK$27-28 billion would represent YoY growth of 14-19%.  This could be seen as a disappointment by investors. 

Average daily table revenues (ADTR) declined to HK$714 million from HK$975 million last week and was below the April rate of HK$773 million.  However, ADTR was 35% above the comparable week last year. 

MACAU: A SLOW WEEK FOLLOWING GOLDEN WEEK - macau333

Sands China had another disappointing week with MTD market share dropping back down to the mid 17s%, in-line with pre-Sands Cotai Central levels.  Obviously, share should be much higher considering that SCC added about 4% to table market share.  Galaxy and SJM are trending above recent share while Wynn and MGM are below.

MACAU: A SLOW WEEK FOLLOWING GOLDEN WEEK - macau444