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Low hold likely held back the first week’s GGR in Macau. 

Average daily table revenues per day (ADTR) increased 2.7% YoY in the first week of August.  ADTR of $664 million was in-line with the prior week but below July’s $735 million.  The last two days of July had a huge ADTR of $932 so that likely kept volumes down to some extent in the early days of August.  Also impacting the first week was the big police raid to crack down gang-related crime.

Our August forecast is for GGR of HK$24.5-26.0 billion which would represent YoY growth of 2-8%, better than July’s 1.5% growth.  MPEL was the big winner in the first week in terms of market share while LVS managed to maintain a strong 20%+ share.  The data is below.

SLOW START TO AUGUST IN MACAU - MACAU2

SLOW START TO AUGUST IN MACAU - MACAU1