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Takeaway: MPEL the stalwart in the high growth Macau market

Macau posted a solid performance last week with average daily table revenues of HK$886 million, up 15% YoY and 15% from last week’s HK$775 million.  Our full month projection is now HK$26.5-27.0 billion, up 9-11% YoY.  We expect May YoY growth to accelerate to mid-teens which could keep up the momentum in the Macau stocks.  

With 23 deaths thus far, the H7N9 virus may be impacting the tour group business but doesn't appear to be affecting gaming revenues.  In fact, less congestion during the May holidays could actually boost VIP activity.  May holidays start today and end on May 3rd.

In terms of market share, MPEL continues to shine with 16.3% share well above recent trend.  MPEL remains our favorite stock in the group.  LVS is also performing well in April and we expect that trend to continue for the rest of the year.  Wynn and Galaxy are the laggards here in April.