The following delta chart shows that year-over-year declines in Macau have stabilized. Mass Market (MM) continues to hang in despite the much discussed visa restrictions. In fact, MM actually grew 4% in May. Rolling Chip (RC) fell double digit (17%) again due to the tough, liquidity driven comparisons of last year. The moving average has flattened but should begin to turn positive after as comparisons ease in September.
Market Share commentary:
LVS:
- Big loser in May, as share fell to 20.4% from April's at 26% share, the lowest share since April 2008
- Weakness was driven by RC down 8% y-o-y for LVS's properties on a combined basis and weak hold at Venetian
- Jack Lam's room at the Mandarin stole a lot of share from Venetian in May
Wynn:
- Up to 17.3% from an 12 month average of 16.3%, and its highest share month since Sept 2008
- Some of this uptick was due to higher hold but WYNN's VIP chips share also increased to 16.5% from a 12 month average of 15.6%
- We think this month was an anomaly and Wynn will lose VIP and mass share
MPEL:
- Crown's market share increased to 10.4% from 9% last month
- Hold was better in May than March & April, driving higher share
MGM:
- Down to 7.4% vs 8.3% last month, and 9.8% in March
- Hold was once again the culprit, as MGM has actually been gaining share on a rolling chip basis
Galaxy:
- Up slightly from April to 12.7%
- Some of the lift is due to better hold
SJM:
- Ticked up to at 31.7% from 31.5% in April
Y-o-Y Win comments:
LVS:
- Sands down 34% driven by a 47% decrease in VIP with Mass down 12%
- Venetian & FS down 25% driven by a 45% decrease in VIP
- Total table revenue from Macau down 28% at $212MM
Wynn:
- Down 12%, with VIP down 14% and Mass down 3%, total table revenue: $179MM
Crown:
- Down 32%, total table revenue $108MM
Galaxy:
- Up 36%, with VIP up 53% and Mass down 28%, total table revenue: $132MM
- Growth driven by Starworld which had table revenues grow 32% to $75MM
