Macau GGR softens further in lead up to CNY

Gross gaming revenue in Macau continued to slow down over the last week (Jan 16 to 22), with ADR of MOP 528 million, said Bernstein in a note on Monday.

According to Bernstein, last week’s implied ADR was down 10 percent over the similar period in 2016, and down 14 percent week on week.

While the slowdown was anticipated, Bernstein said it was weaker than expected, due to a falling VIP luck factor.

However, while GGR is likely to further soften over the first few days of this week, it will gradually increase towards Chinese New Year.

“We estimate an ADR of MOP 610 to 650 million for the remainder of this month, which would result in a January GGR in the range of MOP 20.2 billion and MOP 20.5 billion, +8 percent  to +10 percent year-on-year,” said the brokerage.