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Early July GGR projection of -2% to +6% YoY change

While a significant pick up from the prior week (maybe due to the typhoon), this past week’s average daily table revenues (ADTR) actually fell 1% from last year.  Our full month projection for July stands at HK$23-25 billion, representing YoY growth of -2% to +6%.  Remember that July had above normal hold last year and GGR was up 48% so the comp is very difficult.  VIP likely will be negative for the second straight month.  Early anecdotal evidence indicates that the Mass floors remain busy, however.

MACAU FIRST WEEK OF JULY - macau1

Market shares at this stage of the month are not very important since hold usually has an outsized impact on shorter durations.  The only takeaways are that MPEL had a great week, LVS is trending where we think they should be, and Galaxy likely got whacked on the tables.

MACAU FIRST WEEK OF JULY - macau2