Wells Fargo puts July GGR decline at 34 – 36 percent

Wells Fargo estimates Macau gaming revenue in July declined 34 percent to 36 percent, below its prior estimates of 31 percent to 33 percent.

According to its checks, Wells Fargo says average daily revenues were MOP585 million ($73.2 million) last week compared with MOP567 million the week before. 

“We remain neutral as the market adjusts to a ”new normal”, of tighter government oversight, more muted medium-term industry revenue growth, and a recovery that is likely to be flatter than prior rebounds, said analyst Cameron McKnight.

Wells Fargo’s estimates are largely in line with other analysts’ predictions so far for July.

According to Sterne Agee the July GGR run was MOP10.8 billion from July 1 to July 19, which indicates a drop of 35 percent year-over-year monthly result. Sterne Agee’s July GGR growth forecast range of negative 30 percent and negative 34 percent year-on-year remains unchanged.

Similarly Bernstein Research estimates July GGR to be MOP 18.2 to 18.4 billion, representing a YoY decline of 35 percent to 36 percent.