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Over the first 8 days of June, daily table revenues averaged HK$946 million, up 20% over the rate in the comparable week of last year.  We’re hearing about busy Mass floors, decent VIP volumes, and fairly normal hold.

However, as we pointed out last week, the first week of June is the easiest comp of the month but week 2 is the most difficult.  Assuming normal hold, next week’s number should be disappointing.  For all of June, we’re projecting GGR to grow only  6-8% YoY.  Decelerating growth at this rate is likely not enough to catalyze the stocks and we remain cautious.  

MACAU: DECENT START BUT COMP WAS EASY - macau1

MACAU: DECENT START BUT COMP WAS EASY - macau2