SOLID WEEK IN MACAU

Average daily table revenues were a strong HK$775 million last week, down from the HK$996 the prior week, but the 2nd highest since Golden Week in May.  For the full month of August including slots, we have narrowed our projection range to HK$25.5-26.0 billion, up 6-8% YoY.  We continue to believe that July marked the low of the year and September YoY growth should be better than August.  We are hearing of a little more liquidity for the junkets here in August and more activity on the Mass floor.  Obviously, we are closely monitoring the China macro situation.

SOLID WEEK IN MACAU - macau1

LVS lost share in the past week, probably due to hold, but its share is in-line with the 3-month average.  We expect share to go back up even before the September 20th opening of the Sheraton rooms.  MPEL seems to be having the best month of the bunch when measured by market share gains. 

SOLID WEEK IN MACAU - macau2