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.
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.
