LVS rebounds but the details should look even better
- Macau GGR grew over 21%, beating expectations once again
- Hold likely held back LVS share. Despite what we think was a low VIP hold month, LVS still maintained share trend due to a strong event calendar. We expect that volume share increased and Mass revenue growth likely led the market in November.
- Two Alicia Keys concerts and of course the Manny Pacquiao fight likely drove significant Mass gaming and non-gaming revenue growth. Restaurants and retail was packed the last weekend of the month with some reports indicating 40% retail growth above a normal weekend.
- A strong events push is proving to be a successful model for Venetian Macau and all of Sands China. The Rolling Stones will perform in early March 2014 at the Venetian.
- Wynn’s share uptick may be a result of an initial marketing push but it’s too early to know. We do expect some Mass market share gains at the property in the coming months.