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This past week came in a bit softer than anticipated but still 10% above the comparable week of last year.  Average daily table revenues were HK$782 million, down 11% from April’s levels.  Our new projection, including slots, assumes 12-14% YoY growth over May.  We expect similar YoY growth in June (maybe slightly higher) and accelerating growth for July.

Wynn and MGM are the biggest winners in terms of market share this month relative to trend with SJM as the big winner.  We suspect hold has played a big role in Wynn’s May market share gain but MGM may be more volume related.  We continue to be impressed with MGM Macau’s operating performance.

SLIGHTLY LOWER MAY PROJECTIONS FOR MACAU - m1

SLIGHTLY LOWER MAY PROJECTIONS FOR MACAU - m2