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Daily table revenues for April 1-7 averaged HK$866 million this week up 2% from the comparable period last year and down 19% from March 2014.  Overall, the slowdown in weekly GGR was consistent with our model projections and expectations.  In the near term, we remain cautious due to the increased commentary regarding junket and player scrutiny and regional travel concerns.  For April, we are expecting 8-12% GGR growth for the Macau market. 

In terms of market share, LVS and SJM were the market share winners this week while Galaxy 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.

DISAPPOINTING START TO APRIL - macau0

DISAPPOINTING START TO APRIL - MACAU21