MACAU MODERATES A LITTLE MORE THAN EXPECTED

Average daily table revenues (ADTR) were HK$664 million this past week, a slowdown from HK$868 last week.  Typically, gaming volumes drop off materially in the 2nd half of September as we approach Golden Week in early October.  On a YoY basis, ADTR fell 4%.  Given the strong Mass floor traffic, volumes may have been better than the revenues indicated.  Our full month forecast is HK$23.5-24.5 billion, up 14-19% YoY.  Remember that October faces a tough comp so currently we are projecting only 6-12% YoY growth.

MACAU MODERATES A LITTLE MORE THAN EXPECTED - MACAU

In terms of market share, Wynn and MGM finally moderated toward trend levels – Wynn still above but MGM at trend.  LVS gained a little share with 3 days of Phase 2 Sands Cotai opened.  However, the 17.5% share month to date won’t cut it.  We would expect share of 19-20% for October.  MPEL had a good week with MTD share rising 80bps from last week.

MACAU MODERATES A LITTLE MORE THAN EXPECTED - MACAU0