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Bright Galaxy?

Newsdesk by Newsdesk
Wed 25 Feb 2009 at 16:00
How to set up for IR success

The flagship property of Galaxy Entertainment Group, Galaxy Macau.

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One month doesn’t make a trend, but it appears Galaxy Entertainment Group’s table win numbers are moving in the right direction—probably chiefly at the expense of Crown Macau.

Normally market share numbers for Macau include slots, so table win numbers alone (and unofficial figures at that) aren’t the whole story. It would certainly be unfair for Asian Gaming Intelligence to misrepresent the performance of those operators who are particularly strong in slots.

Nevertheless, with all those caveats and one more (i.e., if early returns to Macau’s gaming regulator are accurate), it seems that in February (up to the 20th) Galaxy’s win on VIP and mass market table games was 660 million patacas. That’s 13.9 percent of the table market and more than a third up on the 10 percent market share (including slots) estimated by Goldman Sachs Research for last year.

By comparison, Crown Macau managed table win of MOP360 million in the same February 2009 period (a 7.6 percent share). In the first half of 2008 Crown Macau managed to grab around 20 percent of the entire VIP table market in Macau. In 2008 as a whole, across all products, Melco Crown Entertainment (including the slots at Mocha Clubs) managed a 14 percent share, based on the 2008 estimates compiled recently by GS Research.

SJM’s table win in the first three weeks of February 2009 was MOP1.4 billion (a 29.5 percent share of the table market), compared to the estimated 28 percent total market share recorded in the whole of 2008.

Las Vegas Sands Corp.’s table win in the relevant February period was unofficially measured at MOP1.25 billion (a 26.3 percent table market share). Goldman Sachs estimated LVS’s share of the entire market in 2008 at 26 percent.

Wynn seems to have grabbed share, recording table win of MOP790 million up to 20th February (a 16.6 percent share of the table market), compared to a GS Research estimate of 13 percent of gross gaming revenues in 2008.

MGM Grand Macau, the joint venture between MGM MIRAGE and Pansy Ho, also seems to have slipped back a little, with the unofficial table win data recording MOP290 million. This is a 6.1 percent table market share, compared to the 8 percent share for the entire market in 2008 as estimated by Goldman Sachs.

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Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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