Just a quick update on the Hedgeye Mass Tracker. Galaxy Entertainment reported Q2 this morning and it was solid and in line. More importantly for us, mass revenues grew 29% YoY in Q2. Galaxy's mass performance brings the Macau market to a total of 4.6% YoY growth in Q2, slightly ahead of our bold (at the time) Tracker estimate of +2-4%. We can tell you that we were conservative with in our +2-4% Tracker estimate given that it was already a bold call to predict positive growth (sell side was projecting flat to slightly down) and it was the inaugural Tracker estimate.
Looking ahead, we've already published our July Tracker estimate of +4-6% mass revenue growth in Macau. August GGR may come in positive which would be the first positive GGR growth month since May of 2014. Positive GGR growth would imply further mass growth acceleration from July.
We'll be publishing a post mortem on Macau's Q2 today so stay tuned for more details and analysis.