Deutsche Bank on Gaming & Lodging: July Revenue in Macau Likely to Be Negative Year-over-Year

Deutsche Bank on Gaming & Lodging: July Revenue in Macau Likely to Be Negative Year-over-Year

Analyst, Carlo Santarelli, said, "Through the first 29 days, July gross gaming revenue in Macau is tracking to a flat year over year result with average revenue per day of 778 mm patacas. Given the 30th and 31st are a Monday and Tuesday, respectively, in 2012, versus a Saturday and Sunday in 2011, we think it is reasonable to expect a negative year over year revenue comparison. While there is likely to be some debate as to whether the typhoon early last week impacted results, we find it unlikely that the July results will be viewed favorably. We note that a negative result in July would be the first month of negative y/y comparisons since June of 2009."

In the month to date, we believe table game market shares as of July 29 are as
follows: SJM - 27.1%, Las Vegas Sands (NYSE: LVS) - 21.3%, Melco Crown (Nasdaq: MPEL) - 13.3%, Wynn (Nasdaq: WYNN) - 11.3%, MGM (NYSE: MGM) -
8.0%, and Galaxy - 19.0%.

Deutsche Bank maintains a 'Buy' rating on WYNN (PT$118), LVS (PT$42) and MGM (PT$16)

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