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As expected, October exploded out of the gate in Macau with average daily table revenues (ADTR) up 38% YoY to HK$1,679MM.  We fully anticipate softer weekly run rates.  Golden Week will not be matched the rest of the month and this coming week is apt to be slower than normal as is typical following the holiday.  Our full month GGR estimate (including slots) remains at YoY growth of 20-25%.  Indeed, October should continue the strong momentum of the past few months.

Too early to gain much from the market share numbers this early in the month.  SJM flew out of the blocks with big gains, Wynn and MPEL likely held lower than the market, and LVS/Galaxy look normal.  LVS remains our favorite name among the Macau stocks as the properties should continue to gain market share at least through next year.

EXCELLENT GOLDEN WEEK - chart1

EXCELLENT GOLDEN WEEK - chart2