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Overall, March in Macau was a pretty good month, despite the deceleration from January/February.  The comparison was indeed difficult but March still eked out a 13% gain, slightly ahead of what we projected going into the month.  Mass led the way, up 40%.   

Market

  • VIP revenues grew only 3% but the hold comparison was difficult
  • Rolling chip volume grew 12%
  • Hold percentage was normal although below last year
  • Adjusting for hold in both months, GGR would’ve grown 20% YoY
  • No slowdown in the Mass juggernaut, up 40%

LVS

  • LVS grew GGR by 19%
  • Hold was slightly above normal but below last year
  • Market share was in line with recent trend

WYNN

  • Market share was above trend but hold related
  • Wynn’s hold was significantly above normal but still below last year
  • While YoY Mass growth was last in the market, it was still up 15% YoY
  • Mass share dipped to 6.9%, well below recent trend

MPEL

  • Mass share fell to its lowest level in a year
  • Rolling Chip share was in line with recent trends
  • Hold percentage was normal but well above last year
  • GGR growth was only 6%, only SJM grew less

MGM

  • MGM grew revenues 18% on higher hold, although hold was still below normal
  • Mass grew 40%, in line with the market
  • Share was in line with recent trends

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