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Macau weekly GGR soft but in line: Bernstein

Macau’s gross gaming revenue for the week ended April 17 was soft, as expected, said Bernstein’s analysts in a note on Tuesday.

Macau GGR was recorded at MOP 4 billion, implying an ADR of MOP 571 million, up slightly from MOP 550 million the week before, and down from March’s ADR of MOP 580 million.

“While April is expected to be seasonally soft, should ADR remain at this suboptimal level, it may weigh on the gaming stocks in the near term,” warned Bernstein.

Bernstein says they estimate April GGR at MOP 16.7 -17.0 billion, representing a year on year decline of 11 - 13 percent.

The brokerage also made a note regarding Macau's junket association proposal to the Macau government to raise the capital requirements for new junket promoters from MOP 100,000 to MOP10 million. Given the current consolidation in the market over the last 24 months, Bernstein believes the change would have  “minimal incremental impact” to the industry.

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