DECEMBER TABLE REVENUES

Through the first 9 days of December (actually 11/30-12/8), average daily table revenues grew only 2% from the comparable period last year to HK$947 million.  It’s still too early to garner any read from the numbers.  Our current full month GGR forecast for December growth is +10-16% growth.  In terms of market share, Wynn Macau is off to a good start while MGM and MPEL are lagging.  Market shares this early in the month mean very little but we will reiterate that we believe Wynn may be in the middle of a market share turnaround with its Mass marketing efforts (finally).  We also like LVS as share gainer over the year.  MGM and MPEL look like share losers to us.

DECEMBER TABLE REVENUES - macau1

DECEMBER TABLE REVENUES - macau2