Macau gross gaming revenue fell 37.1 percent in May to MOP 20.3 billion ($2.5 billion), making a full year of monthly declines, according to official figures.
The data from the Gaming Inspection and Coordination Bureau compares to GGR being down 37 percent YoY in 15,Q1 and down 39 percent YoY in April,
Daily average gaming revenue was MOP 656 million in May, up slightly from MOP 639 million in April, said UBS analyst Anthony Wong,
“Quarter to date daily revenue at MOP650m is 10 percent lower than MOP720m in Q1, as overall demand trend remains weak across gaming segments.”
Wong said based on full-month revenue, UBS estimates daily GGR from May 26 to 31 was around MOP700 million, which would have included the opening days of Galaxy Entertainment’s Phase II expansion, which opened its doors on the evening of May 27.
“This compares with daily run rate at around MOP656m in the first 25 days of the month. We believe the initial excitement of a new opening has drawn additional crowds and trips from gamblers over the last few days, however it is far too early to assess the impact of Galaxy's openings based on a few days of volume,” Wong said.
Wong estimates mass revenue in May dropped 23 percent YoY, and VIP revenue dropped 46 percent YoY; compared with 15Q1 mass and VIP revenues dropping 19 percent and 46 percent respectively.
“On a sequential basis, we estimate mass revenue trend in April-May has had mid-single digit declines vs. Q1; whereas VIP volumes trend has declined more than 10 percent vs. Q1. We see no clear signs of sequential demand recovery yet.”
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