Soft start to July, improvement coming: Bernstein

Macau’s gross gaming revenue has seen a soft start to July, but should see improvement in the following weeks, said Bernstein.

In a note on Monday, the brokerage noted that Macau’s GGR month-to-date was MOP5.3 billion (US$657 million), implying an ADR of MOP 525 million over the first ten days of July.

The brokerage noted the soft GGR is likely to be impacted by the Euro Cup, Brexit and currency volatility.

“Assuming an ADR of MOP550-600 million for the remainder of this month, July GGR would be MOP 16.8-17.9 billion, representing a year-on-year decline of 4-10 percent vs. an 8.5 percent year-on-year decline in June,” said Bernstein’s analysts.