Average daily table revenues (ADTR) fell 7% week over week, in-line with our expectations, and leaving Macau on track for another strong month. This past week’s ADTR was +20% YoY, which is in-line with our full month YoY projection of +18-22% growth.
In terms of market share, Galaxy, LVS, and SJM are above trend so far this month, at the expense of MPEL, MGM, and WYNN. For the most part, market share variances appear to be hold-related. We continue to like the Macau stocks in general, and MPEL and MGM specifically.