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  • We’ve documented mass hold climbing higher over the years.  VIP hold has also been trending higher lately above the theoretical win rate of 2.85% and closer to 2.96%.
  • March junket hold on a trailing twelve-month basis (TTM) was 3.21%, about 20bps higher than the TTM hold in January 2010.  If we take into account direct play, adjusted VIP hold on a TTM was 3.00% in March, compared with a 2.80% adjusted VIP hold TTM in January 2010.
  • While mass volumes have been resilient so far in the face of higher hold, it remains to be seen how the high hold will affect VIP volume growth.  The good news is that comps are relatively easy for the back half of the year.

CHART DU JOUR: MACAU: THE RISE OF VIP HOLD - ttt