Bernstein lowers GGR growth estimates for April

Analysts at Bernstein have lowered their gross gaming revenue estimates for the month of April, due to materially worse than expected month-to-date revenue.

According to Bernstein, as of the second week of April, MTD ADR is down 12 percent compared with March 2019, and down 14 percent compared to April 2018.

“ADR for the first half of the month was weaker than for March, as VIP hold rate is estimated to have normalized from the high hold rate last month. Mass and VIP volume is estimated to be down mid-single digits month-on-month,” said the brokerage.

As a result, analysts have lowered its GGR growth estimate for April to -12 to -9 percent growth year-on-year.

“We expect y/y comparison to be difficult through the end of April, as GGR was very robust in early 2018 until US-China trade tensions heightened beginning last summer,” said Bernstein.

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