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As you already know, May was a strong month in Macau with GGR up 13.5% YoY.  What you may not know is that hold was actually 8bps below normal (including Direct VIP) accounting for a 3.0% drag on growth.  MPEL, LVS, and MGM were the standouts.  Here are some market and concessionaire observations:

MARKET

  • YoY growth would’ve been 16.5% assuming trailing 12-month VIP hold of 3.0%
  • VIP volume posted a 3rd straight above trend (trailing 3 month avg) performance
  • Mass grew 33% YoY, its best performance in over a year

LVS

  • Overall looks better than the market share print
  • GGR growth led the market despite well below normal VIP hold
  • VIP volume share was well above trend
  • Mass grew above trend, pushing market share to within 10bps of April’s all-time high

MPEL

  • Very low hold impacted results yet market share of 14% was above recent trend and YoY GGR growth of 30% trailed only LVS
  • Mass revenue increased a whopping (yes I like that word) 63% YoY and pushed Mass market share to an all-time record
  •  VIP volume share was in-line with recent trend

MGM

  • This property continues to impress us
  • VIP hold was above normal and MGM generated its 2nd highest level of growth since Feb 2012 and 3rd highest in the market
  • Mass share grew sequentially and was above trend

WYNN

  • Was one of 2 concessionaires to hold above normal in May
  • Mass growth was below recent trend
  • VIP volume barely grew in May but was the first month of YoY growth since November 2012

GALAXY

  • VIP hold was normal
  • Pretty much an in-line month across the board for Galaxy 

SJM

  • VIP hold was well below normal contributing to a 12% YoY drop in GGR
  • Mass market was only flat YoY and VIP volume actually declined
  • Market share fell to its lowest level ever

MAY IN MACAU - DETAIL LOOKS EVEN BETTER - d1

MAY IN MACAU - DETAIL LOOKS EVEN BETTER - g2

MAY IN MACAU - DETAIL LOOKS EVEN BETTER - g3