MACAU: JANUARY PROPERTY DETAIL

As you already know, Macau GGR grew 7% YoY to HK$26.1 billion or US$3.364 billion.  We’ve now got the property detail and the Mass/VIP mix.  Mass once again drove most of the YoY gain and although slower than the last 4 months, still grew 29%.  December’s 16% VIP revenue growth may have been an anomaly as January VIP was almost exactly flat YoY.  VIP hold was slightly lower than last year but still slightly higher than normal.  VIP volume eked out a 2% gain.  Surprisingly, slot revenue grew only 1%, the slowest pace in 3 ½ years.  Remember that the Chinese New Year celebration occurred in January of last year but in February of this year.

Here are some individual company commentary:

Sands China (LVS)

  • For the first time in 6 months, LVS didn’t lead the market in growth as MPEL was the top dog.  LVS did manage YoY GGR growth of 18%, good for 2nd place.
  • Mass revenue grew 55%, which was the highest in the market
  • VIP hold was modestly below normal and last year was modestly above normal
  • Market share dipped to its lowest level since September 2012 due in part to lower hold

Wynn

  • Wynn GGR fell for the 4th consecutive month, down 4% YoY
  • VIP hold Wynn was slightly above normal but well below last year
  • Wynn’s Mass business did grow slightly YoY but at a rate (+5%) that was the slowest in the market
  • VIP volume fell a whopping 15%
  • Market share grew sequentially but was in-line with recent trend

MPEL

  • Another strong month for MPEL, leading the market with 20% YoY GGR growth
  • However, Mass grew “only” 20%, trailing the market
  • VIP hold was a little above normal but in-line with the prior year
  • VIP volume was very strong with market leading 24% YoY growth
  • Market share was good driven by VIP – Mass share was disappointing 

Galaxy

  • Galaxy grew in-line with the market but better in Mass and worse in VIP
  • Hold was modestly above normal and above last year
  • Market share of 18.6% was solid and sequentially better than the last few months

MGM

  • Tough month for MGM due somewhat to low hold as Mass revenue growth was in-line with the market
  • VIP hold % was well below normal (last year was also well above normal)
  • VIP volume was up a solid 9% although some of that may have been induced by players winning at a better rate
  • Market share dipped 170bps sequentially (high hold to low hold) and Mass share was the lowest in almost a year