Macau GGR soft last week, headed for decline

Last week’s gross gaming revenue was softer than expected, says Bernstein – which pushes August GGR estimates down to -3 to -1 percent year-on-year decline.

“While this figure would be disappointing as we were expecting a potential flat to y/y increase in GGR, the devil will be in the GGR split details (Mass vs. VIP),” said the brokerage.

Bernstein said Macau GGR month-to-date is MOP 12.3 billion ($1.5 billion), implying an average daily rate of MOP 571 million.

“VIP hold rate appears to have normalized over the course of the past week and Mass may be running slightly below the daily average of July.  In terms of market share, channel checks indicate that Wynn and MPEL may have gained some share MoM at the expense of MGM and Galaxy,” added the brokerage.

Bernstein says ADR is likely to pick up for the remainder of the month given the opening of Wynn Palace on August 22.