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
