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Read on for property details of a very strong October in Macau. LVS and SJM were the big market share winners, MPEL and WYNN the losers. 

 

 

As expected October continued the three month pattern of double-digit growth in  Macau.  October table revenues grew 44% y-o-y and 14% sequentially.  Of course October '09 had the benefit of two new properties, City Of Dreams (CoD) and L'Arc; and the benefit of an easy comp (October '08 table revenues were down -6%).  October VIP revenues grew 47% y-o-y and Mass was also strong at 37% y-o-y growth.

The big winners in terms of market share were Venetian/Four Seasons, SJM, Galaxy and MGM.  Losing the benefit of high hold in August, MPEL's share dropped back to earthly levels, and WYNN's share continues to be impacted by new supply.  Read on for property level details.

Y-o-Y Property Observations:

LVS table revenues up 34%

  • Sands was up 2.6% driven by a 6% increase in Mass and VIP growing 1%
    • Junket VIP roll decreased 5% at Sands, more than offset by direct VIP play (which doesn't get captured in reported VIP RC) or hold %
  • Venetian was up 52% with VIP increasing 82% and Mass increasing 15%
    • Junket VIP roll was up 57%
  • Four Seasons was up 130% y-o-y and up 30% from a seasonally slower August
    • Mass revenue increased 74% while VIP climbed 150%.  VIP roll was up 200%

Wynn table revenues were up 4.8%

  • Mass was up 26.5%, offset by a 1% decrease in VIP

Crown table revenues grew 50%, with both properties down from a strong and lucky August

  • Altira was down 30%
    • VIP roll was only down 5% but hold was weak once again at roughly 2.2% (note that Altira has a very small direct play business so the Junket RC is close to total RC at the property)
  • CoD table revenue was down 34% sequentially.  September benefited from very strong hold at the property which inflated win
    • Mass continued to ramp growing 20% m-o-m to $22MM
    • Junket VIP roll fell 3% sequentially.  Hold looks like it was weaker from August's high, but there could also have been growth in direct VIP play

SJM continued its hot streak, with table revenues up 74%

  • Mass was up 57% and VIP was up 86% 
    • As we mentioned last month, SJM had the benefit of L'Arc opening September 21st and we believe that SJM revenues should continue to stay strong with the addition of Oceanus in either December or early January

Galaxy table revenue was up 44%, mostly driven by a 50% increase in VIP win.  Mass was up 6%

  • Starworld continued to perform well with table revenue up 59%, driven by 66% growth in VIP revenues and 8% growth in Mass win

MGM table revenue was up 52%

  • Mass revenues grew 16%, while VIP grew 68%
  • Junket roll was up 45% 

Market Share:

- LVS share increased to 23.7% from 19.6% in September

  • Sands' share increased slightly to 8.4% from 8.3% in September
  • Venetian & FS share increased to 15.3% from a low of 11.3% in September

- WYNN's share decreased to 11.9%, the lowest share month since Wynn's opening

- Crown's market share plummeted to 11.9%, from a 17.5% high in September

- SJM's share ticked up to 31.6% from 31.5% in September

- Galaxy's share increased to 12.8% up from 10.6% last month

- MGM's share increased to 8% from 7% in September