MACAU PICKS UP A BIT

Following another week in Macau, we are leaving our full month January projection at +19-25%

Average daily table revenues (ADTR) increased 29% YoY bringing the month to date ADTR to up 15%.  We continue to expect full month ADTR to grow 19-25% over January 2013.

Market shares are very volatile this month.  Wynn Macau is a full 200bps below recent trend due to a low hold percentage.  MGM and Galaxy are the big winners thus far in January.  However, assuming normal hold, we continue to expect WYNN and LVS to be the market share gainers over the coming months.

MACAU PICKS UP A BIT - m11

MACAU PICKS UP A BIT - mm22