First week April GGR lower than expected

Gaming revenue in Macau for the first week of April was lower than expected and “relatively disappointing”, according to Bernstein in a note on Monday.

“The MTD ADR number was lower than our expectation and relatively disappointing considering the fact that last week actually had two weekends,” said the brokerage.

Month-to-date ADR was 5 percent lower than the March ADR, it added.

Assuming an ADR of MOP 650-670 million for the remainder of the month, March GGR is estimated to be in the range of MOP 19.5 – 19.9 billion, representing a year-on-year increase of 13-15 percent, said Bernstein.