Mass up huge, low hold on VIP
Here are some observations for August. We will follow up with a more detailed analysis.
MARKET
- GGR increased 18% YoY
- Market hold (including direct play) was actually a little low: 2.89% vs trailing 24-mth avg of 2.98%
- August GGR growth hold-adjusted in both periods: +23.1%
- Mass revenue grew a whopping 44%, the highest rate since January 2012
- Lower hold drove VIP revenue growth of only 8% but junket volume increased 16%
LVS
- VIP hold was in-line with last year and near normal
- GGR and Mass YoY growth of 41% and 72%, respectively, led the market
- VIP and slot revenue growth also led the market
- Market share of 22.3% almost met July’s big jump to 22.5% - increase from June was all volume driven
WYNN
- Hold was meaningfully higher than normal but below last August
- Mass revenue grew only 3% but Junket volume growth was strong at +16%
- Market share jumped sequentially due to VIP volume and high hold
- Mass share fell to 6.3%, tying its lowest ever
MPEL
- MPEL held high on VIP and well above last year's
- GGR and Mass growth of 30% and 69%, respectively - trailed only LVS in the market
- VIP revenue growth was also the 2nd highest due to high hold
- Junket volume only grew 2% and remains a concern for us – Junket share fell nearly to a 6 year low
- Meanwhile, Mass share hit an all-time high at 14.1%
MGM
- Hold was normal but well below August 2012's
- Still, GGR grew 17%, in-line with the market
- Mass growth trailed the market but Junket volume led the market
GALAXY
- Held well below last year which caused a drop of 1% in GGR
- Mass grew exactly in-line with market but VIP revenue fell 13%
- Junket volume growth of only 11% also trailed the market
- GGR market share fell to its lowest level in 9 months
- Mass revenue share also fell below trend
SJM
- Hold was below normal and last August's
- Mass revenue growth of 24% was SJM’s highest in a year and a half but still trailed the market
- GGR market share fell to its 2nd lowest level ever at 23.9%
