As a follow up to our previous note...
August GGR grew 18% YoY to HK$29.85 billion (US$3.85 billion). Mass, VIP, and slot revenues increased 44%, 8%, and 15% YoY, respectively. VIP hold % (including direct play) was 2.89% - below trailing 24-month average of 2.98%. With normal VIP hold in both periods, GGR growth would have been +23%
Here is the detail:
YOY TABLE OBSERVATIONS
Total table revenue grew 18% YoY. Mass market growth actually accelerated at 44% growth. VIP volume rose 16% while VIP revenue gained 8%.
LVS
LVS led the market in table win at +41%. Mass revs soared 72% (highest growth in the market) while VIP RC grew 25%. Including direct play, we estimate that LVS held at 2.9% in August, in-line with last August, assuming direct play of 17% vs. 21% last year.
- Sands fell 16%, 1st decline since February 2013
- Mass grew 17%
- VIP revenue fell 41%, while RC fell 24%
- Sands held at 2.1% vs 2.8% in the same period last year. We assume 10% direct play in August vs 8% in August 2012.
- Venetian grew 18%
- Mass increased 46%
- VIP revenue fell 6%, 2nd consecutive month of declines
- Junket VIP RC gained 25%
- Assuming 28% direct play, hold was 2.9% compared to 3.7% in August 2012, assuming 30% direct play
- Four Seasons gained 45%
- Mass revenue soared almost 200% on a comp of -33%
- VIP revenue grew 28% and junket RC rose 9%. August hold (assuming 15% direct play) was 3.4% vs 2.8% in August 2012 when direct play was 16%.
- Sands Cotai Central rocketed 157% higher
- Mass jumped 190%
- VIP revenues grew 137%
- Junket RC gained 79%
- If we assume that direct play was 10%, hold would have been 3.0% vs 2.2% in August 2012 when direct play was 9%.
MPEL
MPEL gained 31% in table revenues. Mass growth continued to excel at 69% while VIP growth was 17%. We estimate that MPEL held at 3.3% vs 2.9% last August. Estimated direct play was 11%, in-line with last year, but up sequentially.
- Altira table revenues grew 36%.
- VIP revs soared 41%, on a comp of -45%
- VIP RC gained 6%
- Mass gained 9%
- We estimate that hold was 2.8%, compared to 2.0% in the prior year
- CoD table revenues grew 29% YoY
- Mass increased 78%, continuing its impressive streak of strong YoY double-digit gains since the property opened
- VIP win grew 10% but RC was flat
- Assuming a 16% direct play level, hold was 3.6% in August compared to 3.4% last year (assuming 15% direct play)
WYNN
Wynn table revenues grew 11%
- VIP revenues grew 12%, while VIP RC increased 17%
- Wynn held at 3.3% (assuming direct play of 8%) vs 3.3% last August (assuming direct play of 10%)
- Mass revenues gained 3%
MGM
MGM table revenues grew 18%
- We estimate that hold was 2.9% adjusted for direct play of 7% vs hold of 3.1% last year assuming 8% direct play
- VIP RC and Mass grew 25% and 32%, respectively
GALAXY
Galaxy table revenues slipped 1% on poor hold, 1st decline since April 2013. VIP revenues declined 13% while RC volumes grew 11%. On the bright side, Mass growth was strong at 43%. Hold was 2.8% in August 2013 vs. 3.6% last year.
- Starworld table revenues fell 2%
- Mass soared 51%
- VIP declined 10%.
- Junket RC rose 18%
- Hold was 2.2% vs 2.9% last year
- Galaxy Macau's table revenues was flat
- Mass had another great month at 54% growth
- VIP fell 14%
- Hold was 3.3% vs 4.1% last July
SJM
Total table revenue grew 13%, with mass and VIP growth of 24% and 7%, respectively. RC volume gained 19%. SJM held at 2.6% vs 2.8% last year.
SEQUENTIAL MARKET SHARE - July to August (property specific details are for table share while company-wide statistics are calculated on total GGR, including slots):
LVS
Market share slipped 10bps to 22.7%. August’s share is above its 6-month average of 21.4% and better than its 2012 average share of 19.0%.
- Sands' share fell 90bps to 2.6%, its lowest ever. For comparison purposes, 2012 share was 3.9% and 6M trailing average share was 3.2%.
- Mass share dropped 60bps to 4.5%
- VIP rev share fell 120bps to 1.6%
- RC share lost 30bps to 2.0%
- Venetian’s share gained 60bps to 8.6%. 2012 share was 7.9% and 6 month trailing share was 8.3%.
- Mass share increased 110bps to 14.5%
- VIP share was unchanged at 5.5%
- Junket RC share gained 50bps to 4.2%
- FS gained gained 30bps to 3.8%. This compares to 2012 share of 3.7% and 6M trailing average share of 3.0%
- VIP was up slightly to 4.5%
- Mass share gained 70bps to 2.4%
- Junket RC gained 30bps to 3.5%
- Sands Cotai Central's table market share fell 20bps to 7.3%, which compares to the 6M trailing average share of 6.5%.
- Mass share was flat at 9.2%
- VIP share fell 30bps to 6.4%
- Junket RC share gained 30bps to 6.0%
MPEL
MPEL jumped 120bps in share in August to 14.4%. Its 6 month trailing share is 14.1% and their 2012 share was 13.5%.
- Altira’s share was flat at 3.3%, below its 6 month trailing share of 3.6% and 2012 share of 3.9%
- Mass share slipped 10bps to 1.1%
- VIP gained 20bps to 4.4%
- VIP RC share fell 20bps to 4.7%
- CoD’s share rose 130bps to 11.1%, above the property’s 2012 and 6M trailing share of 9.4% and 10.3%, respectively.
- Mass market share gained 60bps to 12.9%, its highest ever
- VIP share gained 150bps to 10.1%
- RC share dropped 40bps to 7.3%
WYNN
Wynn GGR share was 11.6%, up 140bps MoM. 2012 average share was 11.9% and their 6M trailing average share has been 10.8%.
- Mass share fell 140bps to 6.3%
- VIP share gained 320bps on higher hold
- Junket RC share gained 30bps to 12.4%
MGM
MGM’s market share gained 80bps to 10.3%, above its 6M and 2012 average of 10%
- Mass share gained 30bps to 6.9%
- VIP share soared 130bps to 11.8%
- Junket RC gained 120bps to 11.6%
GALAXY
Galaxy's share lost 280 bps to 17.1%, below its 2012 average and 6-month average share of 19.0% and 18.7%, respectively
- Galaxy Macau share declined 90bps to 10.7%
- Mass share was flat at 10.3%
- VIP share declined 130bps to 10.9%
- RC share lost 130bps to 10.3%
- Starworld share tumbled 210bps to 5.5%
- Mass share fell 90bps to 3.2%
- VIP share dropped 250bps to 6.7%
- RC share fell 60bps to 9.3%
SJM
SJM share lost 50bps to 23.9%, below their 2012 average of 26.7% and their 6M trailing average of 25.0%
- Mass market shares slipped 10bps to 26.5%
- VIP share lost 100bps to 23.4%
- Junket RC share rose 10bps to 28.2%
Slot Revenue
Slot revenue grew 15% YoY to US$155MM in August
- LVS had the best YoY growth at 35% to $51MM
- Galaxy grew 17% to $20MM
- MPEL gained 12% to $26MM
- WYNN gained 12% to $19MM
- MGM gained 4% to $22MM
- SJM had the worst YoY slot performance for the 2nd consecutive month, -8% to $17MM
