Credit Suisse sees July Macau GGR drop, Barclays more positive

    Credit Suisse is expecting gross gambling revenue to drop by between 3 and 5 percent in July, while Barclays has turned more optimistic, saying it now sees growth of 0.5 percent, compared with its earlier forecast for a drop of 6 percent.
    GGR in June declined 3.7 percent in the first year-on-year fall in five years. The distraction of the World Cup, combined with a slowing Chinese economy that took its toll on VIP revenue, were blamed for the decline.
    Based on daily run rates for the first 20 days, GRR is likely to reach a maximum of MOP28.61 billion ($3.58 billion) for the month, CS said. The bank is basing its estimate on average daily rates of MOP900 million to MOP950 million for the final 11 days of the month, following an aggregate of MOP18.16 billion achieved in the first 20 days.
    According to a research note from Barclays, average daily table revenue saw a significant improvement to HK$929mn for the period of 7-13 July. This was 28 percent higher than the previous period of 1-6 July, which saw HK$725mn a day in table-only revenue.
    It said if the trend continues, July total GGR will likely be about $28.6 billion.