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Average daily table revenues declined to HK$775 million last week from HK$899 million the prior week.  We expect the current week to be slow as well, ahead of the February Chinese New Year celebration.  Remember that CNY is on Sunday February 10th this year versus Monday January 23rd in 2012.  Our full month January forecast is down slightly from our previous projection.  We’re now expecting YoY growth of 7-11%.

MACAU: PRE-CNY SLOWDOWN - macau7

For market share, MPEL is having another very good month, well above trend, as is Galaxy.  LVS gained some share back but remains below trend for January.  Following a strong, hold-aided December, MGM has fallen well below trend.  Wynn remains at its 3 month average of 10.7%, but far below its 2012 share of 11.8%.  We expect Wynn and MGM to continue to be market share losers.

MACAU: PRE-CNY SLOWDOWN - MACAU3