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Average table revenues slowed dramatically this past week, averaging only HK$775MM per day, still up 1% YoY.  Our full-month projection for April is now for GGR of HK$25.5-26.5 billion, which represents YoY growth of +5-9%, down from our previous estimate of +11-15%.  We heard that hold may have been low this past week.

In terms of market share, MPEL and Sands China continue to track above recent trend.  Despite the softness this past week, we remain positive on MPEL, given its likely strong Q1 earnings report, continued market share gains, and relatively low valuation. 

SLOW WEEK IN MACAU - 12

SLOW WEEK IN MACAU - 13