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Average Daily Table Revs (ADTR) jumped this past week to HK$1,065, up 38% YoY.  Our full month GGR projection including slots is for YoY growth of 7-11%.  Remember, our initial April projection was 12-16% growth and we suspect that low hold is the primary driver of the underperformance. 

We continue to believe that growth will reaccelerate in May, potentially up 20% YoY.  With the stocks down 20-25% in less than 2 months, the May performance could be a big catalyst.  For now, this past week’s strong data should alleviate some concerns of a massive VIP slowdown.

Market shares continued to regress toward the mean.  Despite a 110bp drop from the mtd as of last week, LVS is still tracking above recent trend.  MPEL came down from the clouds this past week but still is tracking well above recent trend.  Galaxy is the only laggard from recent trend although share looks much better than it did last week.

MUCH BETTER WEEK IN MACAU - A

MUCH BETTER WEEK IN MACAU - B