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.
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.
