% | $
Quotes you view appear here for quick access.

Las Vegas Sands Corp. Message Board

  • bretbeck bretbeck Jul 30, 2013 12:26 PM Flag

    QUESTION : If Wynn is losing market shares in Macau ...

    ... and LVS is not gaining any, then who is? MPEL?

    Someone gotta be making big $$$ as Macau keeps hitting record high every month!

    Sentiment: Strong Buy

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • You need to look into how mass/VIP affects marketshare

      • 1 Reply to orthokneepa
      • When a concessionaire optimizes it's mass VS VIP mix, it shouldn't impact marketshare overall in their quest to optimize it.

        Simply put, mass is low volume, high hold and VIP is high volume, low hold. When the mix is optimized, the company will produce as much revenue per table on mass as it does on VIP. If one class of offering becomes more profitable in terms of GGR than another, a company will shift the emphasis to optimize overall GGR per table.

        Over the past year, premium mass has been where tables have done the best, so most of the resorts are shifting tables to that category. Venetian renovated and opened a large amount of square footage for precisely that purpose.

        I would caution people when looking at the metrics, however, because many of them don't break out premium mass vs mass-mass, and the surge in premium mass is making overall mass look better than it really is in terms of margins minus incentives. Similarly, some of the recent "swoon" in VIP has come from companies re-classifying low-end VIP to the premium-mass category... SJM has been most active in such re-classifications in order to alter the street's impressions of their product mix.

        Hope this helps,


    • Sands China's market share was under 14% in September of 2011 in the wake the the destruction that Steve Jacobs inflicted on the company. This quarter, SCL's share will likely fall between 21 and 22%.

      Hope that helps, bret,


50.65-0.12(-0.24%)Jul 29 4:03 PMEDT