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MACAU: STRONG START TO MAY

This note was originally published May 06, 2013 at 15:36 in Gaming

While five days of data is not enough from which to draw many conclusions, the May holiday is off to a strong start.  Average table revenues for 5 days spanning April 30-May 4th were HK$1.2 billion, up 24% year-over-year (HK$975 million) and up 36% from last week’s HK$886 million.  In-line with our earlier projections, we expect May gross gaming revenue growth to accelerate to 16-20% or HK$29.5-30.5 billion.

 

In terms of market share, Galaxy and Wynn were big gainers.  Galaxy’s share shot up to 21.1% from 17.8% share in April while Wynn’s share rebounded to 12% from the April low of 9.2%.  MPEL gave back its massive share gains in April and dropped back to its 6M average share of 14.0%. 

 

MACAU: STRONG START TO MAY - M1

 

MACAU: STRONG START TO MAY - M2


Gold's Demise

Gold (GLD) continues to move into full blown crash mode after testing our TRADE line of resistance at $1490/oz and failing miserably. It's back at $1445/oz now, down over -1.5% on the day. A strong US dollar and growth and consumption moving full speed ahead do not bode well for the precious metal that everyone is now reconsidering.

 

Gold's Demise - YTDGOLD


In It To Win It

Client Talking Points

Big In Japan

Japan's Nikkei 225 hit a fresh 5-year high today as Japanese stocks rip the the upside (while the Yen flirts with the downside). The Nikkei is up +3.6% in overnight trading and is up +37.4 year-to-date. Bravo! As long as your central bank is in this market to rip 'em higher and win big, investors can't lose.

Goodbye To Gold?

Say goodbye to gold, folks. Gold is down nearly -0.8% this morning as people realize that consumption is good for stocks, bad for gold. Combine that with a stronger US dollar and you'll realize that gold isn't bottoming - it's crashing. Gold failed again at our TRADE line of resistance of $1490/oz. Things get tougher for gold here, not easier.

Asset Allocation

CASH 27% US EQUITIES 20%
INTL EQUITIES 20% COMMODITIES 0%
FIXED INCOME 6% INTL CURRENCIES 27%

Top Long Ideas

Company Ticker Sector Duration
IGT

Decent earnings visibility, stabilized market share, and aggressive share repurchases should keep a floor on the stock.  Near-term earnings, potentially big orders from Oregon and South Dakota, and news of proliferating gaming domestically could provide near term catalysts for a stock that trades at only 11x EPS.  We believe that multiple is unsustainably low – and management likely agrees given the buyback – for a company with the balance sheet and strong cash flow as IGT.  Given private equity’s interest in WMS (they lost out to SGMS) – a company similar to IGT that unlike IGT generates little free cash – we wouldn’t rule out a privatizing transaction to realize the inherent value in this company. 

WWW

WWW is one of the best managed and most consistent companies in retail. We’re rarely fans of acquisitions, but the recent addition of Sperry, Saucony, Keds and Stride Rite (known as PLG) gives WWW a multi-year platform from which to grow.  

FDX

With FedEx Express margins at a 30+ year low and 4-7 percentage points behind competitors, the opportunity for effective cost reductions appears significant. FedEx Ground is using its structural advantages to take market share from UPS. FDX competes in a highly consolidated industry with rational pricing. Both the Ground and Express divisions could be separately worth more than FDX’s current market value, in our view. 

Three for the Road

TWEET OF THE DAY

"#FastFact Breakfast accounts for 25% of McDonald's sales $MCD" -@BloombergTV

QUOTE OF THE DAY

"I'm worried that the universe will soon need replacing. It's not holding a charge." -Edward Chilton

STAT OF THE DAY

MBIA (MBI) stock soared +45% yesterday on news that it has reached a settlement with Bank of America related to various mortgage lawsuits stemming from the housing crisis.


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THE HEDGEYE DAILY OUTLOOK

THE HEDGEYE DAILY OUTLOOK

 

TODAY’S S&P 500 SET-UP – May 7, 2013     

 

As we look at today's setup for the S&P 500, the range is 26 points or 1.39% downside to 1595 and 0.22% upside to 1621.

                                                                                               

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10A


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.56 from 1.55
  • VIX  closed at 12.66 1 day percent change of -1.48%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales
  • 10am: IBD/TIPP Economic Optimism, May, est 47.3 (prior 46.2)
  • 10am: JOLTs Job Openings, March (prior 3.925m)
  • 11am: Fed to purchase $1.25b-$1.75b debt in 2036-2043 sector
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $32b 3Y notes
  • 3pm: Consumer Credit, March, est. $16b (prior $18.139b)
  • 4:30pm: API energy inventories

GOVERNMENT:

    • President Obama meets w/ S. Korean President Park Geun-Hye
    • House, Senate in session
    • U.S. Court of Appeals for the D.C. Circuit hears arguments in Texas challenge to EPA over federal takeover of state’s carbon-emission rules, 9:30am
    • House Science, Space and Technology subcmte holds hearing on Keystone pipeline, 10am
    • Bill Clinton, Microsoft’s Bill Gates discuss America’s future at Peterson Foundation Fiscal Summit
    • Carlos Edwards, chief of security operations and engineering at the SEC, speaks at Intl Information Systems Security Certification Consortium, 11am
    • Special election for vacant House seat in S.C., race pits former Republican Gov. Mark Sanford against Democratic nominee Elizabeth Colbert Busch, sister of political satirist Stephen Colbert; Polls close 7pm
    • Pre-trial hearing for Pfc. Bradley Manning, charged w/ aiding enemy, wrongfully causing intelligence to be published on Internet, 3pm
    • Dalai Lama gives lecture on peace at Univ. of Maryland

WHAT TO WATCH

  • Swap regulators face Congressional pressure to curb Dodd-Frank
  • 12 banks sued over claims they restrained credit swap market
  • Arrowgrass said to snub Freeport bid after buying Plains stake
  • Senate passes WMT-backed bill letting states tax Web sales
  • GM wins approval to build $1.3b Cadillac plant in China
  • YouTube said to plan $1.99 subscription channels in coming wks
  • Pfizer selling Viagra at website to combat fake versions
  • Microsoft sells 100m Windows 8 licenses, preparing update
  • Pentagon awards drop 52%; U.S. automatic cuts trigger slowdown
  • PG&E should pay $2.25b for California blast, agency says
  • Hertz holders including CDR, Carlyle to sell 49.8m shrs
  • Pandora says 40-hr cap on mobile listening cuts content costs

EARNINGS:

    • Cimarex Energy (XEC) 6am, $1.06
    • Towers Watson (TW) 6am, $1.49
    • Emerson Electric (EMR) 6:30am, $0.78 - Preview
    • Nationstar Mortgage Holdings (NSM) 6:30am, $0.73
    • NRG Energy (NRG) 6:40am, ($0.29)
    • Henry Schein (HSIC) 6:51am, $1.07
    • Fossil (FOSL) 6:59am, $0.97
    • Husky Energy (HSE CN) 7am, C$0.53
    • Discovery Communications (DISCA) 7am, $0.64
    • HollyFrontier (HFC) 7am, $1.77
    • TransDigm Group (TDG) 7am, $1.73
    • Fortis Inc/Canada (FTS CN) 7am, C$0.65
    • Hospitality Properties Trust (HPT) 7am, $0.74
    • Endo Health Solutions (ENDP) 7am, $1.08
    • AECOM Technology (ACM) 7am, $0.51
    • Broadridge Financial Solutions (BR) 7am, $0.32
    • OfficeMax (OMX) 7am, $0.23
    • International Flavors & Fragrances (IFF) 7:02am, $1.13
    • DIRECTV (DTV) 7:30am, $1.09
    • Health Care REIT (HCN) 7:30am, $0.90
    • Molson Coors Brewing (TAP) 7:30am, $0.34
    • Westjet Airlines (WJA CN) 7:30am, C$0.64
    • Quicksilver Resources (KWK) 7:30am, ($0.01)
    • Ariad Pharmaceuticals (ARIA) 7:35am, ($0.37)
    • Cinemark Holdings (CNK) 7:37am, $0.24
    • CommVault Systems (CVLT) 7:40am, $0.34
    • Perrigo (PRGO) 7:45am, $1.44
    • Inergy Midstream (NRGM) 7:45am, $0.13
    • Inergy (NRGY) 7:46am, $0.05
    • Charter Communications (CHTR) 8am, ($0.46)
    • George Weston (WN CN) 8am, C$0.92
    • Ares Capital (ARCC) 8am, $0.40
    • Louisiana-Pacific (LPX) 8am, $0.45
    • FirstEnergy (FE) 8:25am, $0.69
    • Oaktree Capital Group LLC (OAK) 8:30am, $1.53
    • Isis Pharmaceuticals (ISIS) 8:30am, ($0.06)
    • Emera (EMA CN) 9:52am, $0.67
    • CI Financial (CIX CN) 11:27am, $0.36
    • Mondelez International (MDLZ) 4pm, $0.33 - Preview
    • Onyx Pharmaceuticals (ONXX) 4pm, ($0.48)
    • Plantronics (PLT) 4pm, $0.71
    • WebMD Health (WBMD) 4pm, ($0.15)
    • Williams (WMB) 4:01pm, $0.24
    • Williams Partners (WPZ) 4:01pm, $0.50
    • DaVita HealthCare Partners (DVA) 4:01pm, $1.80
    • Electronic Arts (EA) 4:01pm, $0.58 - Preview
    • DigitalGlobe (DGI) 4:01pm, ($0.46)
    • ACADIA Pharmaceuticals (ACAD) 4:01pm, ($0.08)
    • TripAdvisor (TRIP) 4:02pm, $0.47
    • Two Harbors Investment Corp (TWO) 4:02pm, $0.32
    • Zillow (Z) 4:02pm, ($0.05)
    • Whole Foods Market (WFM) 4:03pm, $0.73 - Preview
    • Live Nation Entertainment (LYV) 4:03pm, ($0.36)
    • Symantec Corp (SYMC) 4:05pm, $0.38
    • CA (CA) 4:05pm, $0.55
    • Seattle Genetics (SGEN) 4:05pm, ($0.19)
    • Gulfport Energy (GPOR) 4:05pm, $0.14
    • URS Corp (URS) 4:05pm, $1.12
    • Jazz Pharmaceuticals (JAZZ) 4:05pm, $1.29
    • SandRidge Energy (SD) 4:05pm, ($0.05)
    • ValueClick (VCLK) 4:05pm, $0.39
    • Myriad Genetics (MYGN) 4:05pm, $0.39
    • Babcock & Wilcox (BWC) 4:09pm, $0.48
    • McKesson Corp (MCK) 4:10pm, $2.31
    • Douglas Emmett (DEI) 4:13pm, $0.35
    • Walt Disney (DIS) 4:15pm, $0.77 - Preview
    • CH Robinson Worldwide (CHRW) 4:15pm, $0.69
    • American Water Works (AWK) 4:15pm, $0.32
    • Exelixis (EXEL) 4:16pm, ($0.28)
    • Oasis Petroleum (OAS) 4:30pm, $0.51
    • Regency Centers Corp (REG) 4:48pm, $0.62
    • Kinross Gold Corp (K CN) 5pm, $0.13
    • Axiall Corp (AXLL) 5pm, $1.17
    • Giant Interactive Group (GA) 5pm, $0.22
    • IAMGOLD Corp (IMG CN) 6:10pm, $0.14
    • Marathon Oil (MRO) Aft-mkt, $0.72

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Purchases by China From Hong Kong Double to Record in March
  • Tin Bear Market Slump Seen Curbing Record Exports: Commodities
  • China’s Gold Consumption Jumps 26% in First Quarter Before Rout
  • WTI Crude Drops First Day in Four as U.S. Stockpiles Seen Rising
  • Wheat Rises as U.S. Winter Crop Worsens and Ukraine Remains Dry
  • Copper Advances in New York After Jump in Germany Factory Orders
  • Gold Retreats in New York on Slowing Demand; Silver Declines
  • North Sea Brent Crude Exports Drop to Five Cargoes in June
  • Money Managers Boost Net Long on London Cocoa to 42,972 Lots
  • Crude Supplies Climb From 82-Year High in Survey: Energy Markets
  • Rio Said to Pursue $5 Billion Iron-Ore Project as Glut Looms
  • Cocoa Falls as Technical Signals Turn Bearish; Raw Sugar Drops
  • Tanker Rates Rallying on Record U.S. Gasoline Cargoes: Freight
  • BullionVault Demand Gauge Jumps to 16-Month High After Bear Drop

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

 

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 8

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 


Context Matters

This note was originally published at 8am on April 23, 2013 for Hedgeye subscribers.

“Content is often best judged in context.”

-Eric Chaisson

 

That’s one of my favorite thoughts from a book I have been citing as of late, Cosmic Evolution, by Eric Chaisson. In terms of how I apply it to my market model, research and risk factors are my content - time is my context.

 

Time and space - so valuable to contextualize, yet so susceptible to error. In this regard, risk managing markets isn’t unlike playing professional sports. As Vince Lombardi said, inches make champions. Timing matters, indeed.

 

This, of course, is not a unique thought process. It’s effectively the difference between Newton and Darwin. “Unlike events in classical Newtonian physics, which are time-independent, reversible, and ahistorical, in Darwinism the past history of a system contributes to its subsequent properties” (Chaison, pg31). In other words, context matters too.

 

Back to the Global Macro Grind

 

When I say that our Global Macro Risk Management process is multi-factor and multi-duration, this is what I mean. We are a content company that contextualizes risk.

 

That doesn’t mean we are always right – it just means we tend to be less wrong on big stuff than most others. That’s probably because we start with the timing signal, and reverse commute on the research from there.

 

One of our core focuses in risk management is what Warren Buffett and Charlie Munger used to champion as Rule #1 – “Don’t Lose Money” – and maybe that’s why they love the insurance business so much. Essentially, we sell insurance too.

 

Insurance questions: what assets are bullish or bearish on our (TRADE/TREND/TAIL) model?

 

1.   Bullish Formations (bullish on all 3 of our core durations - TRADE, TREND, and TAIL)


A)     US Dollar (UUP)

B)      SP500 (SPY)

C)      US Consumer Discretionary (XLY)

D)     US Consumer Staples (XLP)

E)      US Healthcare (XLV)

F)      Starbucks (SBUX) and Nike (NKE)

 

2.   Bearish Formations (bearish on all 3 core risk management durations)


A)     Commodities (CRB Index)

B)      Gold and Gold Miners (GLD and GDX)

C)      Silver and Copper (SLV and JJC)

D)     Japanese Yen (FXY)

E)      Basic Materials and Energy (XLB and XLE)

F)      Russia (RSX) and Brazil (EWZ)

 

As a result, I think our version of Global Macro Storytelling has been succinct for the last 5-6 months. On both the long and short side, there’s a little bit of everything for everyone here. That helps make it less confusing.

 

The big thing about big things in macro is that they can last. That’s why the questions I wrestle with throughout my day largely surround what could change what I think is currently both causal and correlated:

 

1.       What stops the US Dollar from going up?

2.       What stops the Euro and Yen (vs USD) from going down?

3.       What stops Bernanke’s Bubbles (Commodities) from popping?

 

Again, since I start with the signal and not the research noise, what I really need to do here is be patient. Just wait and watch for any and/or all of these three things from stopping on both my TRADE and TREND durations.

 

This morning’s signals marry up quite nicely to more of the same on the research content front:

  1. Chinese and German PMI growth data for April slowed sequentially versus March
  2. European #GrowthSlowing (Spain GDP -2% y/y and Swedish unemployment up to 8.4%)
  3. Oil, Copper, and Corn prices fall further on said “demand” slowing, as the USD rises

So, if you can’t put money in Emerging Markets like China (we’ll be hosting our #EmergingOutflows Macro Theme Conference Call at 11AM EST, ping Sales@Hedgeye.com for access), and you aren’t buying European Equities and/or Commodities because they are bearish on both our TRADE and TREND durations, what do you buy?

 

Markets chase price. Gravity (fund flows), like content and context, matters. The global macro flows continue into US Dollars, US Treasuries, and yes, US Consumption Equities. I’ve tried to fight gravity in markets – it rarely works.

 

Our immediate-term Risk Ranges for Gold, Oil (Brent), Copper, US Dollar, EUR/USD, UST 10yr Yield, VIX, and SP500 are now $1284-1435, $96.04-101.08, $3.06-3.26, $82.42-83.19, $1.29-1.31, 1.65-1.76%, 14.07-18.76, and 1531-1603, respectively.

 

Best of luck out there today,

KM

 

Keith R. McCullough
Chief Executive Officer

 

Context Matters - Chart of the Day

 

Context Matters - Virtual Portfolio


MACAU APRIL DETAILS

As reported last week, Gross Gaming Revenues (“GGR”) grew 13.2% YoY in April to HK$27.5MM, a little better than our last forecast.  While this month benefited from higher than normal hold, the hold percentage was comparable to last April’s so there was minimal impact on YoY growth.  We estimate that including direct play, VIP hold was 3.02% versus a normalized 2.96% and 3.03% in April of 2012. Had VIP hold been normal this April, YoY growth in GGR would’ve grown 11.7%.  With normal VIP hold in both periods, GGR growth would have been 13.4% (similar to what was reported).  We expect GGR growth to pick up in the month of May and are currently projecting high teens growth.

 

Here’s the detail behind the print:

 

 

YOY TABLE OBSERVATIONS

 

Total table revenue grew 14% YoY.  Mass market growth continued to chug along at its fast pace, up 29% YoY, consistent with the last 11 months.  VIP volume growth was solid at 8% and VIP win grew 8%.

 

LVS

LVS took the top spot for table revenue growth at 41% for the 3rd consecutive month.  The company had the highest mass revenue growth at 55% and the highest RC VIP growth at 32%.  We estimate that LVS held high across its portfolio at 3.2% compared to 3.0% last April, assuming direct play of 15% vs. 20% last year.  Venetian and FS played lucky.  SCC and Sands Macau played unlucky.

  • Sands grew 7% YoY, the property's best growth in 7 months  
    • Mass grew 4%
    • VIP increased 9%.  
    • Sands held low but had a very easy comp.  We estimate that Sands held at 2.8% compared to 2.2% in the same period last year.  We assume 11% direct play in April vs 9% in April 2012.
    • Junket RC fell 14%
  • Venetian grew 32% YoY, the property's best growth in 15 months
    • Mass increased 35%
    • VIP grew 29%
    • Junket VIP RC fell 5%, its 14th decline in the past 15 months
    • Assuming 27% direct play, hold was 3.7% compared to 2.8% in April 2012, assuming 28% direct play 
  • Four Seasons dropped 13% YoY, marking the 4th consecutive month of declines
    • Mass revenues increased 42%
    • VIP tumbled 18% but Junket VIP RC eked out 1% growth on the back of a very difficult hold comp. April hold (assuming 11% direct play) was 3.5% vs 4.1% in April 2012 when direct play was 16%.
  • Sands Cotai Central produced $204MM in table revenues 
    • Mass a hit new monthly record of $79MM 
    • VIP revenues were $126MM
    • Junket RC volume of $4.1BN, down 13% MoM but the 2nd best month on record for the property
    • If we assume that direct play was 11%, hold would have been 2.7% 

MPEL

MPEL had a solid month, lobbing in the 2nd best table growth of 38%.  Mass grew 21% while VIP growth took the top market spot with 44% growth.  We estimate that MPEL held well at 3.37% vs. 3.05% last April.  Estimated direct play was 12.9% vs. 10.5% last year.

  • Altira revenues grew 30%, the property's best growth rate in 19 months.  Mass fell 2% while VIP saw a 34% YoY increase.
    • VIP RC grew 28%
    • We estimate that hold was 2.9%, compared to 2.7% in the prior year
  • CoD table revenues grew 41% YoY
    • Mass increased 24%, continuing its impressive streak of strong YoY double-digit gains since the property opened
    • VIP win grew 48% and RC grew 29%
    • Assuming a 17.5% direct play level, hold was 3.6% in April compared to 3.2% last year (assuming 14.7% direct play)

WYNN

Wynn had a rough month in April with table revenues falling 18% (worst of 6 concessionaires).

  • VIP revenues fell 25% - also taking the spot for worst performance, while VIP RC declined of 9.3% (2nd worst performer)
  • Wynn suffered from low hold of 2.4% vs 3.0% last year 
  • Mass revenues increased 13%

MGM

MGM had anemic table revenue growth of 4% in April on the back of another month of low hold, although not quite as miserable as the hold they experienced in March

  • We estimate that hold was 2.6% adjusted for direct play of 6% vs hold of 3.2% last year assuming 9% direct play
  • VIP RC growth was strong at 23%
  • Mass growth was above average at 36%

GALAXY

Aside from WYNN, Galaxy was the only other concessionaire who experienced a decline in table revenue this month.  VIP RC had the worst market performance, falling 10%.  On the bright spot, Mass growth was very strong at 54%.  Hold was normal across the portfolio but down YoY; 3.03% in April 2013 vs. 3.27% last year.

  • StarWorld table revenues fell 23%
    • Mass soared 80%
    • VIP fell 33%.  VIP revenues have seen YoY declines in 9 of the last 10 months.
    • Junket RC fell 14%, marking the 11th month of consecutive declines
    • Hold was low at 2.4% vs 3.1% last year
  • Galaxy Macau's table revenues grew 11%
    • Mass had a great month with 55% growth
    • VIP saw a small decline – the first since opening and RC fell 3%.  RC volume growth has been hovering around -1% for the last 9 months.
    • Hold was high at 3.6% vs. 3.5% last year

SJM

Total table revenue grew 16%, with the worst mass market share growth at just 3% and VIP revenue growth of RC 22% and RC growth of just 5%.  SJM held well at 3.15%.

 

 

SEQUENTIAL MARKET SHARE

 

LVS

Market share grew 90bps to 21.9%, the company’s best since January 2010.  April’s share is above LVS’s 6-month average of 21.1% and better than its 2012 average share of 19.0%. 

  • Sands' share fell 60bps to 3.0%.  For comparison purposes, 2012 share was 3.9% and 6M trailing average share was 3.4%.
    • Mass share fell 90bps to 4.6%, an all-time property low
    • VIP rev share fell 60bps to 2.3%
    • RC share was 2.3%, flat MoM and in-line with the all-time low for the property set in March
  • Venetian’s share increased 120bps to 8.6%.  2012 share was 7.9% and 6 month trailing share was 8.3%.
    • Mass share increased 2.2% to 15.9%- the property's best share since October 2010
    • VIP share improved 50bps to 5.5%
    • Junket RC share was flat at 3.5%, only 30bps above the property's all-time low
  • FS gained 130bps to 3.9%.  This compares to 2012 share of 3.7% and 6M trailing average share of 3.2%.
    • VIP gained 2% to 4.8%
    • Mass share fell 50bps to 1.7%
    • Junket RC gained 20bps to 4.0%
  • Sands Cotai Central's table market share fell 90bps to 6.0%, which compares to the 6M trailing average share of 5.8%.
    • Mass share improved 40bps to 7.8%.
    • VIP share fell 1.4% to 5.3%
    • Junket RC share fell 30bps to 5.6%

MPEL

MPEL took the top spot for market share growth, with a whopping 16.3%- the company’s best share in 2 years and above their 6 month trailing share of 14.0% and their 2012 share of 13.5%.  

  • Altira’s share rose 30bps to 4.0%, above its 6M and 12M trailing share of 3.9%
    • Mass share increased 20bps to 1.3%
    • VIP gained 50bps to 5.2%
    • VIP RC share rose 30bps to 5.6%
  • CoD’s share gained 2.6% to 12.3%- a record high for the property and above the property’s 2012 and 6M trailing share of 9.4% and 10.0%, respectively.
    • Mass market share fell to 11.0%
    • VIP share soared 4.1% to 12.8%, the property's highest share since September 2009
    • Junket share ticked up 20bps to 9.5%

WYNN

Wynn was the largest share donor in April, losing 170bps and dropping to 9.4%, an all-time low in share.  2012 average share was 11.9% and their 6M trailing average share has been 11.0%.

  • Mass share was fell 60bps to 7.8%
  • VIP share plunged 2.3% to 9.8%, an all-time low for WYNN
  • Junket RC share increased 90bps to 11.7%

MGM 

MGM’s market share was flat at 8.9%; below their 6M average of 9.6% and above their 2012 share of 9.9%

  • Mass share fell 80bps to 7.4%
  • VIP share improved 20bps to 9.2%
  • Junket RC fell 90bps to 10.8%

GALAXY

Galaxy's share fell 80bps to 17.6%, below their 2012 average share of 19.0% and their 6-month average of 17.9%

  • Galaxy Macau share improved 0.5% to 10.8%
    • Mass share gained 1.1% to 10.8%, an all-time property high
    • VIP share improved 30bps to 10.8%
    • RC share lost 10bps to 9.8%
  • Starworld share lost 150bps to 5.8%, the property's worst share since May 2008
    • Mass share was flat at 3.8%
    • VIP share fell 2% to 6.6%
    • RC share fell 50bps higher to 8.8%

SJM

SJM was the 2nd largest share donor, losing 110bps MoM to 25.9%, which is below their 2012 average of 26.7% and their 6M trailing average of 26.4%.

  • Mass market share improved 40bps to 25.4%, an all-time company low
  • VIP share fell 150bps to 27.1%
  • Junket RC share increased 50bps to 27.8%

 

Slot Revenue

 

Slot revenue grew only 3% YoY to $146MM in April.

  • Galaxy had the best growth at 38% to $20MM
  • LVS grew of 12% to $44MM
  • WYNN lost 2% YoY to $22MM
  • SJM also fell 2% to $14MM
  • MPEL dropped 6% to $25MM
  • MGM had the worst YoY slot performance, losing 18% to $21MM

MACAU APRIL DETAILS - MONTH2

 

MACAU APRIL DETAILS - MONTH1

 

MACAU APRIL DETAILS - MONTH3


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