MACAU: STRONG START TO JULY

There is no change to our YoY GGR projection of 18-22% growth for July following a solid start to the month.  Through the first 7 days, table revenues averaged a strong HK$919 million per day, up 24% YoY and 5% versus June 2013.  Anecdotal indications are that both VIP and Mass traffic contributed to the start.

Market shares are pretty much irrelevant so early in the month but as you can see from the table below, MGM and LVS were the biggest gainers from trend.  MPEL and Wynn were the laggards.  In terms of the stocks, we continue to like MPEL and MGM.

MACAU: STRONG START TO JULY - macau1

MACAU: STRONG START TO JULY - macau2