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  • Wynn Macau and the Sands China properties discontinued the practice of accepting proxy phone betting in October 2014
  • As can be seen from the chart, it appears that about 2 and 1 points of market share were lost by Wynn and Sands, respectively, since the ban was implemented
  • Sands' share may have already been on the down slope but for Wynn the elimination of phone proxy betting seemed to reverse positive momentum
  • We think Wynn Macau may restart their phone proxy betting, possibly as soon as this month. Along with new junkets, the resumption of phone proxy betting could jump start its VIP business
  • Overall Macau trends are deteriorating further and Wynn cannot overcome the environment. However, on a relative basis Wynn's VIP business could hold up better over the near term.

CHART: MACAU PROXY PHONE BETTING - phone proxy betting