Macau ADR down in first ten days of November

The first ten days of November are off to a slow start in Macau, with month-to-date average daily revenue (ADR) down 10 percent year-on-year, according to a note from Bernstein on Tuesday.

According to channel checks, Macau GGR for November 1-10 is estimated to be MOP7.5 billion, with mass remaining robust, rising by low double digits. However, VIP volume is likely down around 30-39 percent on a year-on-year basis.

With this data in mind, analysts are expecting November GGR to be down 6 - 10 percent year-on-year, lower than estimates from Bloomberg, which is situated at -5 percent.