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%.
