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Here are some more details regarding the February gaming revenues in Macau

Y-O-Y TABLE OBSERVATIONS

Total table revenues grew 12% in February.  Mass revenue growth was strong at 31%, in-line with its 6-month trailing average.  VIP revenues grew 5%, a little better than its 6-month average.  Junket RC volume was the most disappointing, falling -0.4%, the 1st decline since October 2012.  

LVS

Table revenues grew 28% YoY, led by a 76% surge in mass revenues - the market growth leader for the past month.  We estimate that Sands China held at 2.80% vs 3.17% last year, adjusted for direct play of 16%.  

  • Sands fell 24% YoY, as VIP revenues tumbled 45% due to low hold (1.9% vs 4.1%).
    • Mass grew 15%
    • VIP was down 45%.  We estimate that Sands held at 1.9% compared to 4.1% in the same period last year.  We assume 10% direct play in February vs 11% in February 2012.
    • Junket RC increased 19%, the 2nd consecutive monthly gain
  • Venetian grew 30% YoY 
    • Mass increased 43%, matching its highest growth since November
    • VIP grew 20%
    • Junket VIP RC fell 16%, its 11th decline in the past 12 months
    • Assuming 28% direct play, hold was 3.93% compared to 2.76% in February 2012, assuming 27% direct play 
  • Four Seasons dropped 63% YoY as hold was only 1.6%
    • Mass revenues fell 19%
    • VIP tumbled 68% and Junket VIP RC fell 28%. 
    • If we assume direct play of 14%. hold in February was 1.56% vs. 3.22% in February 2012 when direct play was ~16%
  • Sands Cotai Central produced $221MM in February, a new record
    • Mass and VIP hit new monthly records, $75MM and $146MM respectively 
    • Junket RC volume of $4.077 BN, up 22% MoM and a new high
    • If we assume that direct play was 11%, hold would have been 3.18% 

WYNN

Wynn table revenues grew 6% in February. 

  • Mass was up 16% YoY 
  • VIP grew 4%, the 1st growth in 5 months  
  • Junket RC fell 8%.  Aside from a 1% gain in November, 9 of the last 10 consecutive months have been in the red.
  • Assuming 11% of total VIP play was direct, we estimate that hold was 3.12% compared to 2.79% last year (assuming 10% direct play).

MPEL

MPEL table revenue only grew 1%.  Hold was very low at 2.40% vs 3.00% last year. 

  • Altira revenues fell 10%, with a 25% increase in Mass and a 14% decline in VIP
    • VIP RC fell 12%
    •  We estimate that hold was 2.63%, compared to 2.72% in the prior year
  • CoD table revenues grew 6% YoY
    • Mass grew an impressive 45%, offset by a 10% drop in VIP
    • RC grew 24%
    • Assuming a 18% direct play level, hold was 2.30% in February compared to 3.17% last year (assuming 16% direct play)

SJM

Table revenue grew 2%

  • Mass revenue declined 3%, its 1st decline since December 2008 and the laggard in the market
  • VIP grew 5%
  • Junket RC declined 1%
  • Hold was 3.05%, compared with 2.89% last February

GALAXY

Galaxy table revenues grew 25%, aided by high hold.  Mass grew a robust 57%, while VIP grew 17%.  Across its two owned properties, Galaxy held at 3.60% vs. 2.50% in February 2012.

  • StarWorld table revenues rose 13%
    • Mass rocketed 35% higher
    • VIP grew 10%
    • Junket RC fell 26%, marking the 9th month of consecutive declines
    • Hold was normal at 3.34% vs. an easy comparison of 2.26% last February
  • Galaxy Macau's table revenues grew 38%
    • Mass grew 72%
    • VIP grew 29%, while RC fell 6%
    • Hold was high in February at 3.80% vs. 2.75% last  year

MGM

MGM table revenue grew 8% in February

  • Mass revenue grew 19%
  • VIP revenue grew 6%, on flat RC growth
  • If direct play was 9%, then February hold was 3.29% compared to 3.19% last year

SEQUENTIAL MARKET SHARE

LVS

LVS’s MoM share increased 1.0% to 21.4%, the biggest monthly share gainer.  February's share was better than its 6 month trailing market share of 20.0% and better than the 2012 average share of 19.0%.

  • Sands' share lost 60bps to 2.9%, a new low.  For comparison purposes, 2012 share was 3.9% and 6M trailing average share was 3.8%.
    • Mass share ticked down to 5.1%, a new low.
    • VIP rev share fell 80bps to 2.0%, a new low.
    • RC share was 2.8%, up 20bps MoM
  • Venetian’s share ticked up 80bps to 9.2%.  2012 share was 7.9% and 6 month trailing share was 8.0%.
    • Mass share rose 110bps to 15.2%, its highest level since April 2012
    • VIP share increased 100bps to 6.7%, its highest level since Jan 2012
    • Junket RC share was unchanged at 4.0%
  • FS lost 90bps to 2.1%.  This compares to 2012 share of 3.7% and 6M trailing average share of 3.1%.
    • VIP lost 140bps to 2.3%
    • Mass share was flat at 1.5%
    • Junket RC gained 80bps to 4.2%
  • Sands Cotai Central's table market share gained 160bps to 6.8%, a new high, and compares to the 6M trailing average share of 4.6%.
    • Mass share rose 1.2% to 7.9%.
    • VIP share jumped 1.9% to 6.4%
    • Junket RC share rose 1.0% to 5.8%

WYNN


Wynn's share gained 0.6% to 11.8% in February.  Wynn’s 2012 share averaged 11.9% and their 6-month trailing share averaged 11.5%.  

  • Mass share of 8.4%
  • VIP share of 13.2%, up 0.7%
  • Junket RC share increased 40bps to 12.3%

MPEL

MPEL’s lost 160bps of share, the biggest share donor in February, to 12.8%, below their 6 month trailing share of 13.8% and their 2012 share of 13.5%.  

  • Altira’s share fell 90bps to 3.3%, below its 6M trailing share of 4.0% and below its 12-month share of 3.9%
    • Mass share grew 0.5% to 1.4%
    • VIP tumbled 160bps to 4.1%, a new low
    • VIP RC share fell 60bps to 4.8%
  • CoD’s share fell 80bps to 9.3%.  February’s share was below the property’s 2012 and 6M trailing share of 9.4% and 9.7%, respectively.
    • Mass market share grew 2.2% to 12.2%, a new high
    • VIP share fell 2.0% to 8.1%
    • Junket share rose 30bps to 9.6%

SJM

SJM’s share fell 0.8% to 25.5%.  February's share compares to their 2012 average of 26.7% and its 6M trailing average of 26.5%.

  • Mass market share fell 3.3% to 27.1%, an all-time company low
  • VIP share rose 50bps to 25.8%
  • Junket RC share lost 0.6% to 27.7%

GALAXY


Galaxy lost 0.1% share to 18.4%, below its 2012 average share of 19.0% but in-line with its 6 month average

  • Galaxy Macau share increased 0.6% to 10.8%
    • Mass share declined 20bps to 9.5%
    • VIP share increased 1.0% to 11.3%
    • RC share lost 10bps to 9.8% 
  • Starworld share fell 50bps to 6.8%
    • Mass share fell 40bps to 3.0%
    • VIP share fell 70bps to 8.3%
    • RC share decreased 10bps to 9.8%

MGM

MGM gained 0.9% share to 10.1%, above their 6M average of 9.8% and above their 2012 share of 9.9%

  • Mass share decreased 0.8% to 6.1%
  • VIP share grew 1.5% to 11.2%
  • Junket RC fell 60bps to 10.2%

Slot Revenue

Slot revenue grew 17% YoY to $155MM in February.

  • LVS took the top prize for YoY growth of 60% to $47MM
  • Galaxy’s slot revenue grew 8% to $18MM
  • MPEL grew 9% YoY to $26MM
  • MGM slot revenues grew 46% to $28MM, a new high
  • WYNN had the worst performance, falling 24% to $19MM
  • SJM lost 6% to $16MM

MACAU: FEBRUARY DETAIL - table

MACAU: FEBRUARY DETAIL - mass

MACAU: FEBRUARY DETAIL - rc