The 3rd week of July provides us with the placeholder table revenue figure of HK$5,425 million or HK$775 million per day. Thus, we would caution investors not to rely on this number. The fourth and fifth (stub) weeks should provide some volatility to catch up on the placeholder 3rd week.
Our full month projection is for July YoY GGR growth down low single digits.
In terms of market share, Galaxy continues to crush it at the expense of MPEL and MGM. We remain negative on the Macau stocks general but like the long setup here for Galaxy.