HUGE WEEK IN MACAU

Takeaway: August GGR trending +4-10%

Average daily table revenue jumped to HK$996 million from HK$757 million last week and up 47% YoY.  By monthly sequential comparison, ADTR was HK$735 million in July.  As a result of the strong week, we are raising our full month August GGR projection to $HK25.0-HK26.5 which would represent YoY growth of 4-10%.  We continue to believe that July was the near-term low in terms of YoY growth and growth will accelerate sequentially in August and September.

 

HUGE WEEK IN MACAU - MACAU1

 

It’s unclear whether hold played a major role in the week’s strength.  We have heard anecdotally that the Mass floors have been very busy.  Additionally, the junkets appear to be pretty optimistic about the recent activity.

 

In terms of market share, MGM and MPEL experienced the biggest jump in market share over the past week.  However, both companies are close to recent trend.  LVS’s share dipped from last week but is still above its recent trend as is WYNN.

 

HUGE WEEK IN MACAU - MACAU2


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