July GGR expected to decline 8 to 10 percent

Macau’s gross gaming revenue in July is expected to decline between 8 to 10 percent year-on-year, said Wells Fargo analysts in a note on Monday.

While latest checks saw ADR at around MOP 525 – 535 million in the first ten days of the month, revenues are expected to pick up in the second half of July following the conclusion of the Euro Cup, said the brokerage.

“Based on our channel checks, both VIP and mass revenue saw a slight sequential pick up into the summer holiday and post Euro Cup. We continue to expect improving GGR trends for the remainder of July,” added Bernstein in their note on Monday.

In June, Macau gross gaming revenue fell 8.5 percent to MOP 15.9 billion, according to figures from the Gaming Inspection and Coordination Bureau (DICJ).

The figures represent a 25th straight month of decline for the casino hub, in line with analysts’ expectations of -5 to -12 percent.

However, Bernstein maintains that 162H should see a pickup in year-on-year growth driven by a slowing decline in VIP GGR and new openings.