But June GGR could see decline.
Average daily table revenues in Macau improved to HK$556 mn for the period 8-14 June.
According to a research note from Barclays, this data is better than the extremely weak data point during 1-7 June that saw only HK$466 mn per day table revenue, as some normalization of hold rates is seen.
However, the data is only similar to the second half of May (11-31 May) that saw HK$565 mn per day table revenue and is lower than May full month per day table revenue of HK$602 mn.
Here's more from Barclays:
Galaxy’s average daily revenue during 1-14 June was 14% higher than the May average, but other operators saw an 18% decline in terms of daily table revenue during 1-14 June when compared to May.
June GGR could see 35.4% decline: If we assume rest of June continues to see HK$556 mn daily table revenue, and plus a slot assumption of HK$1 bn; then full month gross gaming revenue (GGR) for June would be down 35.4% y/y to HK$17.1 bn.
This would only be marginally better than the 37% y/y GGR decline we saw in May.
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