MACAU: SMALL DATAPOINT BUT BETTER

Early June data suggests 14-19% growth

It’s only 3 days so there is no real takeaway, especially related to market shares.  Average daily table revenues for June were HK$876 million versus May’s average of HK$775 million.  We think June will post a significant increase in YoY growth than May.  We are currently projecting full month GGR at HK$23-24 billion, which would represent YoY growth of 14-19%.  Remember that May only grew 7% YoY.  Given the precipitous drop in the Macau stocks, we believe June’s accelerating growth will be a positive catalyst.

We should be getting the May detail by tomorrow.  The detail should show stronger VIP volume growth (+10%), solid Mass growth of 25-30%, and blowout slot revenue growth of close to 50%.  Investors should react favorably to the details vis a vis the headline growth of only 7%.

MACAU:  SMALL DATAPOINT BUT BETTER  - macau222

MACAU:  SMALL DATAPOINT BUT BETTER  - june