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As you already now, April gross gaming revenues (GGR) increased 11% YoY but as always, the devil is in the details. 

The bad news is that VIP revenues grew only 1%.  Hold percentage recovered in the 2nd half of the month and actually finished right around normal levels and in line with April 2013.  The good news is that Mass performed very well, up 34% YoY. 

Here are some takeaways:


  • Mass revenues grew 34%, slightly below the average growth for the last 12 months – April Mass faced a difficult 2 yr comp
  • Rolling Chip (RC) volume and VIP revenues grew only 1%
  • RC volume grew at the slowest rate in over a year
  • Slots were disappointing, up only 3%
  • Assuming consistent hold in both periods, GGR would’ve grown 12% YoY 




  • GGR grew only 13% YoY – the slowest rate in 2 ½ years
  • The LVS properties held very well on VIP – 50bps above normal - even higher than last April which was also above normal
  • Still, VIP revenues fell 4% and RC dropped an alarming 12%, the company’s worst performance since the dreary days of 2009
  • One would expect high hold to negatively impact volumes but not this much
  • Mass grew 35%, the slowest rate since August 2012 


  • GGR grew 26%, the 3rd highest rate in a year and a half
  • WYNN’s GGR growth led the market.  I thought the property was at full capacity?
  • WYNN held normal on VIP but well above April 2013
  • Higher hold pushed VIP revs above market growth although RC volume was flat
  • Surprisingly, Mass growth of 52% led the market
  • WYNN remains our favorite Macau stock


  • MGM held around normal but well above last year
  • YoY GGR growth was solid, driven by Mass, which grew 47% YoY, the 2nd highest growth rate
  • RC actually declined 4%.  MGM’s RC business could be under more pressure if Wynn Macau decides to get more aggressive on commissions advancement to junkets
  • The weak VIP business pushed market share below recent trend


  • Held well above normal on VIP (70bps higher) and 20bps above last year
  • GGR fell YoY for only the 2nd time in a year and a half
  • RC volume is the problem – down 21% YoY – we’ve been hearing of liquidity issues with some of the junkets
  • Mass grew in line with the market 


  • Mass grew only 16% - the slowest in the market
  • Galaxy was the clear winner in the VIP race with RC volume growing 27%
  • VIP hold was below normal and last April yet VIP revs still managed 21% YoY growth