Another good week in Macau but 2nd half of Jan comps are tough
Macau had another solid week here in January. While the smoking restrictions may have an impact on margins, it does not appear to be affecting demand yet. Average daily table revs this past week were HK$899 million, up 64% over last year. Remember that last year’s comp is a little skewed since business levels usually wane ahead of the Chinese New Year. Indeed, we still expect a slowdown in the back half of January this year due to the calendar shift of the Chinese New Year celebration into February this year. Our full month projection is for YoY growth of 8-13%.
For market shares, MPEL and Galaxy continue to trend above normal while MGM, SJM, and LVS are below.