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Daily table revenues averaged HK$1,107 million this week up 28% from the comparable period last year.  The strong finish should bring March GGR to grow 11-12% YoY, including slots.  Overall, this growth rate was in line with our model projection and indicative of consistent demand from the recent trends of December and January/February.  For April, we are expecting mid-teens GGR growth for the Macau market. 

In terms of market share, WYNN and Galaxy were the market share winners this month while MPEL and MGM were the clear losers.  Q1 earnings for the US listed operators look fairly in line with current projections so investor enthusiasm may not match that experienced during the Q4 earnings season.  Going forward this year, we believe LVS has the best shot at growing market share while Wynn Macau, MPEL, and MGM could be slight losers.

MACAU: DECENT FINISH TO THE MONTH - HE1

MACAU: DECENT FINISH TO THE MONTH - HE2