Macau’s latest revenue checks disappoint again, analysts say

Gross gambling revenue appears to have slowed again in the week ending Oct. 18th, disappointing analysts after a “strong” Golden Week.

Average daily revenue in the week was MOP486 million ($79.2 million), the lowest since June 2010, say analysts at Bernstein Research and Wells Fargo.

That’s down 41 percent sequentially and off 45 percent from the same period last year.

As a result, Bernstein now expects ADR of about MOP490 million to MOP600 million for the remainder of the month, making for a decline in GGR of between 28 percent to 33 percent for October.

“October 2015 having a y/y decline of over 30% would be quite disappointing in light of a relatively strong Golden Week,” the note said.

Wells Fargo has adjusted its October forecast to a decline of about 26 percent to 29 percent, down from its prior estimate of 24 percent to 28 percent.

The firm said growth sequentially is likely to be up 16 percent, which is lower than the historical October seasonality of growth up 20 percent on average.

“We note that weekly numbers have been volatile since early June and expect this pattern to continue given instability in the VIP segment.”