Macau Gaming Weekly:The heat lingers on

A good start to August: The first 6 days of August yielded MOP4.5bn in gross gamingrevenue (GGR). This implies an average daily run rate (ADR) of MOP750m/day for thepast week, compared with MOP741m/day for July and MOP586m/day for the sameperiod last year. M-t-d VIP win rate tracks 2.8% according to our estimates (vs theoreticalof 2.85%). By segment, both VIP and mass volume continued to see sequential growthinto the summer holidays. By operators, we observe Sands and SJM to gain share fromMGM and Galaxy versus end of July.

    August to track +22% to +25% y-o-y: Factoring in the holiday effect, we forecast fullmonthGGR to come in at MOP23-23.5bn. This translates into MOP740-760m/day for therest of the month.