Gaming revenue soared to HK$996mn per day

VIP volumes went back to normal.

According to Barclays, average table revenues for the past week (17-23 March period) picked up to HK$996mn per day.

This was a resumption to much better revenue momentum compared to the HK$886 mn a day average daily revenues the week prior (10-16 March), with VIP volumes normalising the past week.

Here’s more from Barclays:

If we assume that the rest of March sees a similar HK$950mn-HK$1.0bn per day in revenue and if we include the slot revenue assumption of HK$1.1bn, we estimate that the full month total gross gaming revenue for March would be at HK$32.7–33.1bn, which would imply GGR growth of 7.6-9% y/y.

This y/y growth would be slower than Jan/Feb, which was at 24% y/y. However, as we have highlighted previously, March does have a high base effect as March 2013 was the third strongest month in 2013.

We still expect Macau revenue momentum to remain strong and look for 15% GGR growth for full-year 2014.

Compared with February, SJM, Wynn, MGM and Melco gained market share; Galaxy market share is similar to February. Sands China lost market share for Mar MTD, vs February which was a particularly strong month.