MACAU TYPHOONED IN WEEK 4

 July GGR growth forecast of -2% to flat

Average daily table revenues (ADTR) dropped 16% YoY due primarily to the Typhoon that hit one week ago today.  Ferry service was out all day Monday and most of Tuesday.  This was the highest rated typhoon to hit Hong Kong/Macau in over 10 years.  With only 2 days left in the month, we are forecasting HK$23.0-23.5 billion in GGR (including slots) which would represent a decline of 2% to flat YoY. 

MACAU TYPHOONED IN WEEK 4 - macau3

LVS should cap its first successful month since the opening of SCC with market share over 21%, probably hold aided to some extent but still likely a significant improvement even on a hold-adjusted basis.  We would expect normalized share at 19-20% until the additional rooms/amenities open at SCC on September 20th when share should be consistently over 20%.  Wynn and MGM continue to lag trend, although MGM did show MTD improvement over last week.

MACAU TYPHOONED IN WEEK 4 - macau2