No change to our full month forecast of +20% YoY growth following the release of this past week’s table revenues. Daily table revenues (DTR) averaged HK$1,001 million this past week, up 25% YoY. As expected, DTR softened sequentially following the end of the Golden Week holiday but was up nicely YoY. Month to date DTR are tracking up 16%. Fears of a significant VIP slowdown continue to be proven unfounded.
In terms of market share, LVS and MPEL are tracking below recent trend, consistent with April’s results. We believe MPEL continues to be impacted by some junket liquidity issues more than the other casino operators. WYNN and MGM are tracking above (go peninsula!). WYNN remains our favorite operator given the potential for market share gains, particularly in VIP.
