MACAU CASINOS STILL LOWERING PRICES

Takeaway: Macau table minimum and average bets still moving lower for the high margin base mass tables

  • The following charts depict our proprietary monthly table bet data updated for April
  • While posted minimum bet levels could be stabilizing in premium mass, base mass minimums continue to accelerate to the downside
  • While somewhat anecdotal, observed average bet levels are still declining for both premium and base mass
  • The data suggests further EBITDA estimate cuts are in store for Macau gaming operators as the Street continues to underestimate the deterioration in high margin base mass. Margin estimates remain too high for LVS, MPEL, MGM, and WYNN.

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