MACAU: ANOTHER STRONG WEEK BUT COULD IT BE THE LAST FOR A WHILE?

Macau blew it out again this past week with table revenues averaging HK$1,132 million, down only 5% from the prior week even though the CNY celebration was winding down.  With only 5 days left in the month, we now expect full month gross gaming revenues (GGR) to grow 31% YoY to HK$34.5 billion. 

Aggregating the disappointing January GGR of (7% YoY growth) with big February to mitigate the CNY calendar shift, we project GGR to grow 19% YoY for the 1st two months.  While we were too high on January and too low for February, the aggregate level of revenue was consistent with our projections before the year began.  Remember that January and February are the two easiest comparisons of the year.  March should look comparatively weak.

In terms of market share, LVS continues to dominate with share well above trend although down slightly from last week.  Galaxy is also having a good month.  On the minus side, MGM, MPEL and SJM are tracking below trend.

Here are the tables:

MACAU: ANOTHER STRONG WEEK BUT COULD IT BE THE LAST FOR A WHILE? - ff

MACAU: ANOTHER STRONG WEEK BUT COULD IT BE THE LAST FOR A WHILE? - ffa