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Another solid week out of Macau, albeit slower as expected as we move farther away from the holiday.  While average daily table revenues declined 15% from the prior week, on a YoY basis, ADTR grew 26%.  We’re currently projecting full month GGR (including slots) to grow 29-33% YoY.

In terms of market share, LVS and MGM continue to lag in October.  We’re hearing both are suffering from low relative hold.  We would argue that LVS will resume market share gains through the most of next year while MGM should struggle to hold its own.  Galaxy and SJM are having great months with share above recent trend.

What can slow the Macau mo?  We don’t see any big negative near-term catalysts although comparisons do get more difficult.  November, while strong, should show decelerating YoY growth and December may fall back into the mid-teens.

MACAU ON TRACK FOR ~30% YOY GROWTH - macau1

MACAU ON TRACK FOR ~30% YOY GROWTH - MACUA2