Macau gross gaming revenue has picked up in the second week of June ahead of estimates, thanks in part to the recent dragon boat festival holidays, say analysts.
According to a note from Bernstein on Monday, gross gaming revenue for the first two weeks of June was MOP 6.8 billion (US$850.5 million), with last week’s’ ADR up from the previous week to MOP 607 million.
However, the brokerage added there will be some slowdown in demand over the next few weeks.
“While a solid start to the month, we believe forward June results may subside slightly as the UEFA Euro tournament progresses and the Dragon Boat Festival holiday GGR boost is averaged with additional non-holiday weeks.” added brokerage Sterne Agee CRT in a note on Tuesday.
Assuming ADR of MOP 530-570 million for the remainder of the month, Bernstein says it expects a year-on-year decline of 2-6 percent in June, with GGR at MOP 16.3-17.1 billion.