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.
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.