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First week of May GGR in line: Bernstein

Macau gross gaming revenue (GGR) in the first week of May (1-7) was in line with expectations, reaching MOP 6 billion, according to a Monday note from Bernstein.

The month-to-date ADR of 857 million was 28 percent higher than April ADR of MOP 672 million, and 12 percent over a similar period (May 1-8) in 2016.

Bernstein says it expects the GGR number to be weaker in the coming week following the visit of Zhang Dejiang, one China’s top government officials.

Last month, Macau gaming revenues reached 20.2 billion (US$2.5 billion), marking 16.3 percent growth. Analysts said the results are likely driven by strong VIP numbers.

Assuming an ADR of MOP 625 - 645 million for the remainder of the month, Bernstein estimates May GGR to be in the range of MOP 21 - 21.5 billion, representing a year-on-year increase of 14 - 17 percent.

Earlier this month however, Bernstein noted that should VIP strength continue, the GGR growth could exceed expectations.

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