Week #2 in July was a better one for the Macau operators with table revenues averaging HK$929 million per day, up 9% over last year. Our model anticipated a recovery from the weak results from the prior week. Thus, our full month GGR projection remains at flat to slightly negative YoY growth.
Reports from the ground suggest strong mass traffic all weekend long and recovering VIP volumes as the World Cup wound down. We think VIP hold percentage is tracking close to normal for the market.
In terms of market share, Galaxy, Wynn, and MGM are all tracking above recent trend. We’re generally cautious on the Macau names with our decelerating mass growth theme but Galaxy looks uniquely well positioned over the intermediate term.