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MACAU: SLOWER START TO JUNE

Macau is off to a slow start in June with average daily table revenues up “only” 5% from the comparable week last year.  June is typically a much slower month than May.  Last year, June GGR fell 12% MoM and 15% the year before.  For the full month June 2013, we are projecting YoY GGR growth of 8-14% which implies a MoM decline of 10-16%.  We’d be happy with double digit YoY growth as we move into July which should be a huge month.  July could be up as much as 20% YoY.

MACAU: SLOWER START TO JUNE - june1

In terms of market share, MGM continues to impress.  While share north of 11% is probably not sustainable for the month, we continue to be impressed with that property’s operations.  MGM Macau is doing a terrific job in the face of the Cotai onslaught.  LVS was the big loser although it’s only been 9 days so not much to worry about.

MACAU: SLOWER START TO JUNE - june2