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MPEL share remains strong, Wynn not so much.

Through 9/12, September table gaming revenues were HK$5.91 billion.  After factoring in the number of weekend days versus weekdays and anticipated slot revenue, this projects out to HK$15.0-15.4 billion, or 41-43% growth.  The second week in September clearly accelerated and we are hearing it was concentrated in VIP volume and VIP hold percentage.  Mass growth appears “sluggish” in comparison but obviously still very strong on a YoY basis.

In terms of market share, recent monthly trends are continuing.  Wynn’s table game revenue share dropped all the way down to 11.3%, well off its recent high of 17.2% in June, and below August’s 13.9%.  We are hearing Wynn held poorly on the VIP tables, below 2.3% versus a normal 2.9%.  MPEL continued its recent strength, at 16.0%, in-line with its recent high in August of 16.3%.  LVS share was substandard at 17.7% while SJM had a great start to the month at 34.4%.  Look for LVS and MGM to gain VIP share in the coming months, probably at the expense of the Peninsula - Wynn and SJM.

We would caution people that the data represents only 2 weeks and as we saw from week 1 to week 2, can fluctuate wildly.

MACAU ACCELERATES - sep 12 maca market share