MACAU: WEEK 2 MUCH WEAKER THAN EXPECTED

As we warned everyone last week, we knew the week 2 faced a challenging comparison, but week 2 results were even lower than we expected.  Week 2 yielded an ADTR of HKD $801M representing a YoY decline of 27% and a WoW decline of just over 15%.  Based on Week 2 results and ADTR of the past two weeks, we expect full month June GGR to be flattish. 

Anecdotally, the mass activity continues to show strong numbers and that volumes in the VIP have continued to soften.  Week 2 market share movement dominated by Galaxy due to the possibility of soft VIP volumes being compounded by a low win percentage.  MGM has had a good start to June. 

MACAU: WEEK 2 MUCH WEAKER THAN EXPECTED - m1

MACAU: WEEK 2 MUCH WEAKER THAN EXPECTED - m2