Macau average daily table revenue climbs slightly to $794m in mid-September.

Improvement came from mass hold rate normalization.

In Macau, average daily table revenue slightly improved to HK$794mn for 15-21 September, which is 6.6% higher compared with the previous period (1-14 September), which saw daily revenue of HK$745mn.

According to a research note from Barclays, the improvement mainly came from some normalization in the mass hold rate.

Meanwhile, VIP volume continued to remain soft. Month-to-date average daily table revenue for September was at HK$761mn.

Here's more from Barclays:

September GGR could see 14.5% y/y decrease: If we assume the rest of the month continues to see HK$761mn per day (the current month-to-date run rate) and add our full-month assumption for slot revenue of HK$1.2bn, total gross gaming revenue for September could be HK$24.0bn, which would imply a 14.5% y/y decrease.

We believe the weak revenue trend could continue for the rest of the year before re-accelerating in 2Q15 with new supply growth.

Current checks indicate that hotel room bookings for the Golden Week holiday in the first part of October are solid. However, with a high base comparison, we expect continued weak y/y revenue trends in October.

Table-only market share data for 1-21 September (September MTD): Compared with August, Galaxy, MPEL and MGM gained market share for September MTD while Sands China, Wynn and SJM saw lower market share.