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A strong start to March with average daily table revenues (ADTR) of HK$1,206 million per day, up 16% from the comparable period last year.  Weekly ADTR should slow throughout the month.  Last year, ADTR declined 7% sequentially in each of the following weeks of March.  For the full month of March, we are projecting YoY of GGR (includes slots) growth of 13-17%, a deceleration from the combined YoY growth rate of 24% for January/February.  Underlying fundamentals remain just as strong, however, as the 1 and 2-yr comps for March are more difficult, +25% and 24%, respectively.

Market shares carry little weight this early in the month but WYNN and Galaxy are off to a great start.  

MACAU: GOOD 1ST WEEK - macau1

MACAU: GOOD 1ST WEEK - macau2