Mass revenue growth has outpaced volume growth. With Mass hold % plateauing, revenue growth is likely to slow.
- Over the past four years, mass revenue growth has significantly outpaced volume growth as mass hold rates climbed higher and higher
- While the higher hold is likely sustainable – due to rationalization and productivity – we’re concerned that investors may not be aware of how much hold has played a role in the 3+ year surge in Macau Mass growth
- Mass volume growth has lagged revenue growth by an average of over 10%. Going forward, Mass revenue growth is likely to track volume growth which means slowing growth trends.
