- The continued lower trend in bet minimums for grind mass is troubling. We fear revenues for this very profitable segment could meaningfully disappoint relative to Street expectations.
- Premium mass minimum bets have stopped falling – a partial offset to the very concerting trend in the higher margin grind mass segment
- Minimum bet size is a form of pricing and is indicative of current and expected demand. Since neither the companies or the Macau government data breaks down mass revenue segments, the table bet minimum data depicted below is very useful.
- If the table minimum bet data is indicative of grind mass revenue trends, LVS estimates could be the most at risk and the stock could present the most near-term downside. LVS is the undisputed leader in the grind mass segment.
Takeaway: The good news: premium mass table minimum bets seem to have stabilized. The bad news: grind mass minimum bet size continues to drop