Looking at specific names, Galaxy Entertainment (GXYEY) leads thepack in marekt share gains. Granted, at 21.1% of the table game market in October, Galaxy still lags rivals SJM Holdings (SJMHF‘). But Galaxy’s market share rose 2.5% compared to September, while SJM’s market share rose 1.4% to 26.7%.
At Sands China (SCHYY), however, market share fell 1.9% in October, followed by a 1.2% decline by Wynn Macau (WYNMY) and a 0.9% decline by MGM China (MCHVF) to an 8.5% market share.
Shares jump around from quarter to quarter, so I recommend that people utilize a 3 month, moving average. Sand's Oct. share surprised folks who were impressed by Sand's average Q3 share of over 22%.
Remember too, that monthly shares are based on "revenues", which are not "hold-adjusted". Sands could well have played "unlucky" in October while Galaxy played lucky. Using a 3 month moving average helps to mitigate luck to some degree.
The best indicator is "drop" (eg: "volumes"), but that indicator is more of an indicator of trends in future revenues, and don't help with guaging non-normalized EBITDA trends.