MACAU HEADED FOR 30%+ GROWTH

While slower than recent weeks due to seasonality, Macau put up another strong week, up 23% YoY.  Our October GGR growth forecast remains at +30-32%.  We continue to hear positive anecdotal evidence of a strong Mass month with consistently high casino traffic.

In terms of market share, the Asian companies continue to dominate this month.  SJM and Galaxy are posting share well above their recent trend.  LVS’s share has improved but remains below trend.  We’re pretty sure the LVS properties held low in the first half of the month.  While Wynn’s share looks low – also likely hold-related – we think that property is becoming more aggressive on the Mass side and should see Mass share gains going forward (possibly at the expense of MGM).

MACAU HEADED FOR 30%+ GROWTH - macau1

MACAU HEADED FOR 30%+ GROWTH - macau2