Run rate accelerated, partly helped by luck: The first 23days of July
yieldedMOP17.25bn in gross gaming revenue (GGR). This implies an average
daily run rate(ADR) of MOP807m/day for the past week, accelerated from
MOP686m/day theweek before and MOP614m/day for the same period last
year. By segment, m-t-ddaily mass GGR is up ~10% while daily VIP volume
is up 13-15% compared withJune, based on our observation. Luck played a
role and the win rate is tracking 3%m-t-d (vs 2.9% last week). By
operator, Wynn, Galaxy and Sands have gained sharefrom SJM and MGM,
likely helped by the holiday season which typically favours theCotai
operators. The junket’s alert last Friday, 21July, on underground
bankingissues has had no impact on GGR thus far.