德银-澳门-酒店休闲与博彩业-随着春节转换，2月份路途艰难-20180201-20页

1February2018Hotels/Leisure/GamingMacauConsumerHotels/Leisure/GamingIndustryUpdateAsiaChinaHongKongIndustryMacauDate1February2018DeutscheBankMarketsResearchJanbeat;FebtoughcompsasChineseNewYearshiftsToughcompsinFebasCNYshiftstomidFebthisyearDespiteaweakstartto2018,JanuaryGGRendedup+36.4%yoytoMOP26.3bn(MOP847m/day,+16%fromDecrun-rate),beatingthehighendofmarketexpectationsof30%growth.However,FebGGRgrowthcouldsharplydeceleratetothehigh-single-digitsasChineseNewYear(CNY)shiftsfromlateJanlastyeartomidFebthisyear.MacauistypicallyveryquietinthetwoweeksbeforeCNY.MassmktplayersusuallystartgoingonDay3(18Feb2018)andpeakatDay5-6(20-22Feb2018),whileVIPstypicallyavoidthecrowdsandonlycometowardstheendofFebthroughmidMarchtoattendspringdinnersandeventsorganizedbyjunketoperators.WereiterateWynnMacau(Buy)asourtoppickonstr