Monday, August 15, 2022

Sterne Agee says Feb GGR drop may have marked bottom


Sterne Agee said it expects gross gambling revenue to have dropped between 34 percent and 39 percent in April and joined some other analysts saying the market may have bottomed.

“We anticipate slight GGR improvements from early April over the next few weeks and then a slowdown at the end of the month before China’s Labor Day Holiday beginning May 1,” analyst David Bain said in a note. 

May and June GGR growth declines should be in the low 30 percent and mid 20 percent range, marking continued sequential “less bad” growth. We anticipate 3Q15 GGR growth improves to a decline of 12 percent, and 4Q15 marks a positive growth period back to the mid-teens, the note said.

Sterne Agee also noted that MGM China’s extension of its credit facility from $1 billion to $3 billion through a mix of Mainland and Macau banks may be helpful signals for new table allocations.

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