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
