City of Dreams has only been opened for two weeks but we thought we'd give you some initial impressions from our guys on the ground. Warning: these insights are early and anecdotal in nature. We are actively attempting to corroborate all of the following.
- Weak Rolling Chip (RC) turnover at City of Dreams - MPEL acknowledges it will take a while to ramp up the RC segment. We are hearing CoD only did HK$4BN in Rolling Chip turnover over first 10 days, or HK$400MM per day. By contrast, Venetian and Wynn Macau average approximately HK$700MM and HK$900MM per day, respectively, during the summer months. All three properties maintain approximately 140 RC tables.
- Traffic strong at CoD- indicative of the mass market focus. Uncertain of the turnover per customer but hearing it is somewhat low.
- CoD may be experiencing low hold
- Venetian Rolling Chip business holding up - the junkets are reporting that RC turnover at Venetian hasn't been impacted much.
- Venetian traffic down - see chart below
- Wynn losing MM and RC customers to MGM? - Something is going on here. We've heard it from multiple industry sources.
We'll have more to report this week and next. I will be in Macau on 6/22-26 visiting the operators, suppliers, junkets, developers, etc. Stay tuned.
