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We’re now projecting full month YoY GGR growth of +7-9% for April, slower than our original projection of +14%, probably due in part to low hold %.  This past week's daily table revenues averaged HK$904 million, only 2% above the comp from last year.

Seemingly becoming a trend, SJM is once again gaining share as we approach the end of the month.  Share of 25.2% is above the company’s recent trend.  MPEL is the only other company meaningfully above trend.  Galaxy improved its share this past week but April has not been kind to that company’s properties.  LVS is also now tracking below its 3 month moving average.

We still expect a nice rebound in May revenues in Macau which could approach +20% YoY growth.

MACAU: SLOWER WEEK - macau22

MACAU: SLOWER WEEK - macau23