According to a research note from UBS, channel checks indicate that Macau's mass-market gaming revenue averaged a 3% increase daily in April compared to the first quarter, and rose nearly 11% year-on-year. In contrast, VIP gaming revenue averaged a decline of nearly 39% daily from the previous quarter and fell close to 13% compared to the same period last year.

Among individual operators, GALAXY ENT (00027) was the biggest winner in terms of market share for April, gaining nearly 250 basis points month-on-month and approximately 90 basis points compared to the first quarter. WYNN MACAU (01128) followed closely, with market share rising nearly 200 basis points month-on-month and about 150 basis points from the prior quarter.

The report noted that the market share growth for these two operators came mainly from share lost by SANDS CHINA LTD (01928). Sands’ market share fell nearly 300 basis points month-on-month in April and dropped close to 360 basis points compared to the first quarter, which may be related to weaker seasonal factors and win rate volatility.

MGM CHINA (02282) maintained a stable market share month-on-month at a solid level of around 18%, while gaining nearly 180 basis points compared to the first quarter. Relative to market consensus, MGM CHINA and WYNN MACAU appear to be ahead of expectations, while SANDS CHINA LTD's market share lags behind.