COTAI MASS MIGRATION

And VIP as well

Clearly, the opening of Galaxy Macau on May 15, 2011 was a big catalyst for Cotai growth.  Mass revenue growth on Cotai has outpaced the peninsula for 12 straight months.  For VIP, the migration resumed earlier – in February 2011.  With Sands Cotai Central’s (SCC) opening in mid-April, those trends should continue and probably would continue even without the opening of SCC.  SJM and Wynn, the two peninsula only operators, look to be continued market share losers until they open their respective Cotai properties, likely in 2015 or 2016 for Wynn and 2016 or 2017 for SJM.

Here are the charts:

COTAI MASS MIGRATION - MASS

COTAI MASS MIGRATION - RC