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Average daily table revenues accelerated from last week’s slow start

Average daily table revenues accelerated from last week’s slow start, HK$664 up to HK$757 million.  We had anticipated acceleration on par with historical seasonality.  Note that the corresponding week from last year in August benefited from high hold and had an ADTR of HK$793 million.  Our full month August projection remains unchanged at HK$24.5-26.0 billion which would represent YoY growth of +2-8%, up from July’s 1.5% growth. 

For market share, LVS continues to maintain 20% plus market share.  We are hearing the Mass floors at the company’s properties have been extremely busy.  The company’s initial marketing efforts appear to be finally paying off at SCC.  We believe market share will take another big jump in September when the Sheraton rooms open at SCC.  LVS continues to look like a nice long trade into that opening.  Wynn’s share jumped up in the past week while MPEL and MGM remain below trend. 

MACAU BACK ON TRACK - 8 13 2012 11 43 31 AM

MACAU BACK ON TRACK - 8 13 2012 11 50 13 AM