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 We’re only a week in but the numbers continue to look soft, at least relative to the recent scorchers. 

Our sources indicate that through the first five days of September, Macau table revenues were HK$2.27 billion.  Taking into account that the first 5 days include a full weekend, it projects out to around HK$14 billion including slots, or a little over 30% growth.

Of course, it really isn’t that useful to make projections after only 5 days but we did it anyways.  We do believe that September will be a slower grower.  The initial data seems to confirm this and our peeps on the ground are indicating that the gaming floors are noticeably less busy than they were in mid-August. 

The market shares are all over the place as can be seen in the following table.  Wynn is holding near its reduced August level of 14%.  LVS must’ve gotten nailed on the VIP tables as its share fell all the way to 13%.  Most interesting is MPEL, up over 20%.  Still way too early, but if MPEL can generate a third straight month of market share gains, we doubt the stock would retain a four handle for very long.  Poor MGM.  Not much else to say there.

STILL EARLY BUT SLOWDOWN CONTINUES - macau222