Weaker-than-expected start for Macau Nov. GGR

Gross gambling revenue in the first week of November is pointing to a weak start for the month, prompting analysts to revise down their forecasts.

According to Bernstein Research average daily revenue in the week through to Nov. 8th was MOP 525 million ($66 million), lower than October’s MOP 647 million rate, mainly due to a lower-than-normal win rate in VIP.

The firm estimates that for the full month GGR will be down by about 29 percent to 31 percent, bucking the recent trend of sequentially improving results month-on-month.

Wells Fargo is slightly more negative, calling for a decline for the month of about 30 percent to 34 percent, down from its prior estimate of 30 percent.

It says average daily revenue is down 9 percent sequentially and off 36 percent compared with the same week last year, despite a full week of results from the opening of Melco Crown Entertainment’s Studio City.

Deutsche Bank also says the channel checks are pointing to GGR below its forecast for a drop of 27.5 percent for the month. It says it estimates a drop of 30.3 percent to 35.5 percent based on the latest data.