ADTR grew 23% YoY to HK$955 million this past week in Macau and month to date is up 29%. We are hearing that hold percentage may have been above normal but revenues are just too strong to be just hold related. We are raising our full month GGR forecast to HK$29-30 billion which would represent YoY growth of 20-24%. These numbers are tremendous and will likely result in higher Q2 estimates (we had just raised them for MPEL, LVS, and Galaxy). Our thesis of sluggish VIP volumes appears to have been shorter-lived (Jan and Feb) than we thought.
Market shares MTD are generally in-line with recent trends with the exception of LVS giving up share to SJM. We’ll have to wait and see how much of that is hold related.