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Las Vegas Sands Corp. Message Board

  • southeast.asia@rocketmail.com southeast.asia Mar 6, 2013 6:18 PM Flag

    February Market Share Numbers

    Macau GGR market share in February 2013
    3/5/2013 from Macau Business Daily

    – according to figures supplied by the Lusa news agency –
    SJM Holdings Ltd 25.5 pct
    Sands China Ltd 21.5 pct
    Galaxy Entertainment Group Ltd 18.6 pct
    Melco Crown Entertainment Ltd 12.5 pct
    Wynn Macau Ltd 11.5 pct
    MGM China Holdings Ltd 10.1 pct.

    Note, I hate Lusa with a passion and from the more reputable analyst estimates I'm seeing, LVS February 2013 market share is 21.4 %. So, we have a 100 basis point market share increase from January to February 2013 per the reputable estimates and 110 basis point increase if you care to believe Lusa.

    So, let's see, February 2013 GGR was $3.4 billion and 1% of that is $34. Not a bad incremental improvement, but our total share is $727.6 million, that's a lot of chips!

    SEA

    Sentiment: Strong Buy

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    • Per ABC's historical market share post below, you would expect the Lunar New Month to be strong for Sands given their emphasis on Mass Markets and the fact that LNY is typically a mass market holiday period. From ABC's table, last month's 21.5% is the best share listed in the post Steve Jacobs era.

      Note that last year, LNY fell in January and Sand's share hit 19% for the first time in over a year in that month.

      Note too that in 2011, LNY fell in early february and it was the last time until the NEXT LNY that Sand's share was as high as 18%.

      Of course, market share is not hold adjusted so it can jump around a bit.

      I'd be pessimistic about Sands putting up another 21.5% share this month except that I don't think they had time to fully deploy their 200 new gaming tables in time for LNY and I'm sure they're all coming on stream for march. I also believe that they were ramping up the last of Venetian's remodeled VIP suites in the days following LNY so we may get a minor kick out of that.

      Had all 400 new Cotai Central gaming tables been 100% active and balanced between resorts, I'd be inclined to be disappointed in the 2.5% YOY share gain, but I don't think they were. Also, because LNY fell on Sunday the 10th of february, I don't believe it could have fallen on a WORSE day of the month in terms of it's impact on gaming revenues...

      ... I put up another post on that topic yesterday.

      GLTA, Spok

    • History of Market Share:

      ................... SJM .. Sands . Galaxy . MPEL . WYNN . MGM
      Jan-2011 .. 31.0% .. 18.0% . 11.0% . 15.0% . 14.0% . 10.5%
      Feb-2011 .. 32.0% . 18.0% ... 9.0% . 15.0% . 15.0% . 11.0%
      Mar-2011 .. 34.0% . 16.0% . 12.0% . 14.0% . 14.0% . 11.0%
      Apr-2011 .. 30.0% . 17.0% .. 9.0% .. 19.0% . 16.5% . 11.0%
      May-2011 . 33.6% .. 15.4% . 13.6% .. 13.6% . 12.7% . 11.1%
      Jun-2011 .. 29.0% . 16.0% . 15.5% .. 14.0% . 15.0% . 10.5%
      Jul-2011 ... 28.0% . 14.0% . 19.0% .. 16.0% . 15.0% .. 8.0%
      Aug-2011 .. 27.0% . 14.0% . 20.0% . 15.0% . 13.0% . 11.0%
      Sep-2011 ... 29.9% . 13.1% . 19.1% .. 17.4% . 10.9% . 9.6%
      Oct-2011 .. 26.0% . 14.0% . 21.0% .. 15.0% . 13.0% . 11.0%
      Nov-2011 . 27.0% . 16.0% . 20.0% . 13.0% . 13.0% . 11.0%
      Dec-2011. . 27.0% . 16.0% . 20.0% . 14.0% . 14.0% . 9.0%

      ................... SJM .. Sands . Galaxy . MPEL . WYNN . MGM
      Jan-2012 .. 27.0% .. 19.0% . 19.0% . 13.0% . 13.0% . 10.0%
      Feb-2012 .. 28.5% .. 19.0% . 17.0% . 13.5% .. 12.5% ... 9.5%
      Mar-2012 .. 27.0% . 17.0% . 20.0% . 14.0% . 12.0% . 10.0%
      Apr-2012 .. 25.0% .. 18.0% . 21.0% . 13.5% .. 12.5% . 10.0%
      May-2012 . 29.0% .. 17.0% . 20.0% . 12.0% . 11.0% . 11.0%
      Jun-2012 .. 26.0% .. 18.0% . 23.0% . 13.0% . 12.0% ... 9.0%
      Jul-2012 ... 26.0% .. 22.0% . 19.0% . 13.0% .. 11.0% ... 9.0%
      Aug-2012 .. 26.0% .. 19.0% . 21.0% . 13.0% .. 12.0% .. 10.0%
      Sep-2012 ... 27.0% .. 18.0% . 18.0% . 14.0% .. 13.0% .. 10.0%
      Oct-2012 ... 26.9% .. 20.9% . 19.2% . 14.0% .. 10.1% .. 8.9%
      Nov-2012 ... 27.5% .. 20.8% . 19.2% . 13.8% .. 10.1% .. 9.6%
      Dec-2012 ... 26.0% .. 21.0% . 18.0% . 13.5% .. 10.0% .. 11.0%

      ................... SJM .. Sands . Galaxy . MPEL . WYNN . MGM
      Jan-2013 .. 26.9% .. 20.1% . 18.8% . 14.2% . 11.1% . 8.9%
      Feb-2013 .. 25.5% .. 21.5% . 18.6% . 12.5% .. 11.5% ... 10.1%

    • tmurphy227@verizon.net tmurphy227 Mar 6, 2013 8:34 PM Flag

      LVS share for February is 731 million.

    • I would like to see LVS' market share move to at least the same percentage of total tables in Macau.

    • I guess none of the analyst felt that this was news worth reporting to the market yesterday.

      Sentiment: Strong Buy

    • It appears that the wait for the numbers was worth it. Thanks.

      Sentiment: Strong Buy

    • southeast.asia@rocketmail.com southeast.asia Mar 6, 2013 6:29 PM Flag

      Lets add "million" after the $34 just to be perfectly clear.

      Sentiment: Strong Buy

 
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