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Takeaway: Macau jumped out nicely in September, adding credibility to our double digit growth expectation for the month.

Average daily table revenues were HK$789 million, 17% higher than last year at this time and higher even than August’s HK$775 million and July’s HK$735 million.  Taking into account the number of weekend days remaining and about HK$1 billion in slot revenue, we are now projecting full month GGR of HK$23.0-24.5 billion.  That range would represent YoY growth of 12-18%.  Growth in that range would be the highest since April 2012.


We are not hearing anything out of the ordinary with regard to hold percentage with the exception of some of the LVS properties that seem to be holding below normal.  Wynn has apparently held very high to start the month. 

Overall, we believe the numbers are a positive for the Macau and with our daily checks on the Mass floors (all strong), we remain very constructive on the near-term performance of the Macau stocks.  Depending on how much marketing and liquidity pumping is performed by Sands Cotai, the high end of our growth range is certainly within reach.