In brief...
Viva - largely depends on how Japan and Sydney pan out. Effectively decent mgmt versus the regulator and Air Macau
. My money is they grow nicely.
Air Macau - good description! Mgmt's "bury head in sand" strategy is bizarre and typical of an ex-monopoly
. Normally followed by "change mgmt and desperately try to compete" once competition is fully established. Sadly most ex-monopolists survive through sheer mass.
MAX - still no AOC and no acft and no clear strategy - but I am guessing will start Q1/Q2 next year. I think the real test will be how they compete with Air Macau esp. once the cross-straits thing gets going. I dont believe Air Macau mgmt has the balls to compete with its own loco baby, which is what it should do. Which means MAX will be supressed and maybe eventually killed by its own parent.
G. Dragon - very quiet. Cant see anything happenning.
Venetian - focused on VIP market right now. Now that all major Asian cities (bar India) are about to be covered by direct flights to Macau, I dont think there is such pressure. I think they will continue to lobby politicians to open up the skies to ensure more frequencies. They did try for an AOC though...
Also look out for more inbound flights. East Star is starting to Wuhan, Cebu to Manila, and I would expect more once Cotai really opens up.