Here is our more detailed review of March Macau gaming revenues
As we wrote about this morning, Macau had an outstanding month although not quite as good as the +25% headline. If hold is normalized across both YoY periods, growth would have been 16%. Here is the detail.
Y-O-Y TABLE OBSERVATIONS
Total table revenues grew 26%, the highest growth since Jan 2012. Mass revenue growth remain strong at 30%, in-line with its 6-month trailing average. VIP revenues grew 25% while Junket RC volume grew 10% in March, its best monthly performance since April 2012.
LVS
Table revenues grew 61% YoY. Sands China led the market in terms of mass revenue, VIP revenue, and VIP RC growth. We estimate that Sands China held at 3.15% vs 2.85% last year, adjusted for direct play of 16%.
- Sands grew 4% YoY, snapping 4 month losing streak
- Mass grew 9%
- VIP was flat, reversing 4 months of declines. We estimate that Sands held at 3.6% compared to 3.0% in the same period last year. We assume 10% direct play in March vs 11% in March 2012
- Junket RC fell 17%
- Venetian grew 23% YoY
- Mass increased 21%
- VIP grew 25%
- Junket VIP RC fell 5%, its 13th decline in the past 14 months
- Assuming 28% direct play, hold was 3.45% compared to 2.61% in March 2012, assuming 27% direct play
- Four Seasons dropped 19% YoY, marking the 3rd consecutive month of declines
- Mass revenues soared 100%, a month after falling 19%
- VIP tumbled 32% but Junket VIP RC grew 3% as hold in March (assuming 14% direct play) was 2.16% vs 3.03% in March 2012 when direct play was 16%
- Sands Cotai Central produced $260MM in revs March, a new record
- Mass and VIP hit new monthly records, $77MM and $184MM, respectively
- Junket RC volume of $4.8BN, up 17% MoM and a new high
- If we assume that direct play was 11%, hold would have been 3.42%
WYNN
Wynn table revenues grew 16% in March
- Mass was up 20%, the best growth since Jan 2012
- VIP grew 14% while junket RC fell 22%.
- Aside from a 1% gain in November, 10 of the last 11 consecutive months have been in the red
- Assuming 11% of total VIP play was direct, we estimate that hold was 3.37% compared to 2.34% last year (assuming 10% direct play).
MPEL
MPEL table revenue grew 21%. Hold was low at 2.73% vs 3.09% last year.
- Altira revenues grew 1%, with a 6% decrease in Mass and a 2% increase in VIP revenue
- VIP RC grew 16%
- We estimate that hold was 2.90%, compared to 3.37% in the prior year
- CoD table revenues grew 30% YoY
- Mass popped 43%, continuing its impressive streak of strong double-digit gains since inception
- RC grew 36%, the biggest growth since Nov 2011
- Assuming a 18% direct play level, hold was 2.64% in March compared to 2.93% last year (assuming 16% direct play)
SJM
Table revenue grew 28%, SJM's strongest performance since Sept 2011
- Mass revenue eked out a 1% gain, the lowest of the 6 concessionaires for the 2nd consecutive month
- VIP grew 41% and junket RC gained 6%
- Hold was 3.54%, compared with 2.66% last March
GALAXY
Galaxy table revenues grew 13%. Mass rose 39%, its slowest growth since Jan 2011, while VIP gained 7%. Across its two owned properties, Galaxy held at 3.37% vs. 3.00% in March 2012.
- StarWorld table revenues gained 2%
- Mass rocketed 69% higher
- VIP fell 4%. VIP revenues fell in 8 of the last 9 months
- Junket RC fell 7%, marking the 10th month of consecutive declines
- Hold was normal at 3.11% vs 2.97% last March
- Galaxy Macau's table revenues grew 24%
- Mass grew 31%
- VIP grew 21%, while RC gained 1%. RC volume growth has been hovering around zero for the last 8 months
- Hold was high in March at 3.61% vs. 3.02% last year
MGM
MGM table revenue grew 14% in March
- Mass revenue grew 34%
- VIP revenue grew 8%, on 38% RC growth
- If direct play was 9%, then March hold was 2.31% compared to 3.00% last year
SEQUENTIAL MARKET SHARE
LVS
LVS’s MoM share fell 0.5% to 20.9% in March, in-line with its 6-month average and better than the 2012 average share of 19.0%.
- Sands' share gained 70bps to 3.6%. For comparison purposes, 2012 share was 3.9% and 6M trailing average share was 3.6%.
- Mass share ticked up 40bps to 5.5%
- VIP rev share rose 90bps to 2.9%
- RC share was 2.3%, down 50 bps and a hit an all time low for the property
- Venetian’s share fell 180bps to 7.4%. 2012 share was 7.9% and 6 month trailing share was 8.2%.
- Mass share declined 140bps to 13.8%
- VIP share fell 170bps to 5.0%
- Junket RC share dropped 50bps to 3.5%, only 30bps above the properties' all time low
- FS gained 50bps to 2.6%. This compares to 2012 share of 3.7% and 6M trailing average share of 3.0%.
- VIP gained 50bps to 2.8%
- Mass share rose 70bps to 2.2%
- Junket RC lost 40bps to 3.8%
- Sands Cotai Central's table market share gained 10bps to 6.9%, a new high, and compares to the 6M trailing average share of 5.8%.
- Mass share declined 0.5% to 7.4%.
- VIP share gained 0.3% to 6.7%
- Junket RC share gained 0.1% to 5.9%
WYNN
Wynn lost 60bps to 11.2% share in March. Wynn’s 2012 share averaged 11.9% and their 6-month trailing share averaged 11.1%.
- Mass share was unchanged at 8.4%
- VIP share of 12.1%, 1.1% lower
- Junket RC share decreased 150bps to 10.8%, only 20bps above the Wynn's all time low
MPEL
MPEL’s gained 80bps of share to 13.6%, in-line with their 6 month trailing share of 13.7% and their 2012 share of 13.5%.
- Altira’s share rose 40bps to 3.7%, below its 6M trailing share of 3.9% and below its 12-month share of 3.9%
- Mass share slipped 0.3% to 1.1%
- VIP gained 60bps to 4.7%
- VIP RC share rose 50bps to 5.3%
- CoD’s share gained 40bps to 9.7%. March’s share was a little above the property’s 2012 and 6M trailing share of 9.4% and 9.6%, respectively.
- Mass market share was unchanged at 12.1%
- VIP share rose 0.6% to 8.7%
- Junket share declined 30bps to 9.3%
SJM
SJM was the biggest share gainer, rising 1.5% to 26.9% due to hold. March's share compares to their 2012 average of 26.7% and its 6M trailing average of 26.5%.
- Mass market share fell 2.1% to 25%, an all-time company low
- VIP share rose 280bps to 28.6%
- Junket RC share lost 0.4% to 27.3%
GALAXY
Galaxy's share of 18.4% was unchanged MoM, below its 2012 average share of 19.0% but above its 6-month average of 18.2%
- Galaxy Macau share declined 0.5% to 10.3%
- Mass share gained 20bps to 9.7%
- VIP share decreased 0.8% to 10.5%
- RC share gained 10bps to 9.9%
- Starworld share gained 40bps to 7.2%
- Mass share gained 80bps to 3.8%
- VIP share rose 30bps to 8.6%
- RC share rocketed 120bps higher to 9.3%
MGM
MGM was the biggest share loser, giving up 120bps of share due all to hold. Its March share of 8.9% is below their 6M average of 9.6% and above their 2012 share of 9.9%
- Mass share exploded 210bps higher to 8.2%
- VIP share fell 220bps to 9.0%
- Junket RC rose 170bps to 11.9%
Slot Revenue
Slot revenue grew only 7% YoY to $147MM in March.
- Galaxy had the best growth at 31% to $20MM
- LVS grew of 30% to $44MM
- MPEL grew 6% YoY to $27MM
- WYNN fell 2% to $21MM
- MGM dropped 11% to $21MM
- SJM had the worst YoY slot performance, losing 20% to $15MM
