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Lowering our May forecast to HK$25.5-26.5 billion or 8-12% YoY growth

Average daily table revenues (ADTR) increased slightly from last week, HK$714 million to HK729 million, but should’ve been better.  ADTR was actually down 6% YoY.  As a result, we are lowering our full month forecast to HK$25.5-26.5 billion, representing only 8-12% YoY growth.  At this time, we don’t know what kind of impact hold has played. 

MACAU WEEKLY: BETTER BUT NOT GREAT - MACAU1

For market share, LVS improved its monthly performance by 50bps but is still well below the 19-20% share it should be garnering following the opening of Sands Cotai Central.  MPEL’s share dropped to 12.3% which is 100-150bps below recent trend.  Galaxy continues to surprise on the upside as does SJM.  Wynn picked up some sequential share but is still well below trend.

MACAU WEEKLY: BETTER BUT NOT GREAT - MACAU2