Macau daily table revenue improves at HK$575m late May

Thanks mainly to VIP/premium mass segment.

In Macau gaming, it has been noted that average daily table revenue was at HK$575mn for the period of 18-25 May.

According to a research note from Barclays, this data showed improvement from the prior reporting period (11-17 May 2015), which saw HK$533mn per day in table revenue.

The w/w improvement was mainly driven by the VIP/premium mass segment, according to Asia Pacific Gaming consultancy, said the report.

Here's more from Barclays:

Galaxy Phase 2 to provide some support to May revenue: Galaxy Macau Phase 2 and Broadway are all set to open tomorrow (27 May, and please refer to "Galaxy Phase 2 all set for opening" published on 26 May 2015 for more details).

The opening is expected to add 110 mass tables (70 at Galaxy Macau and 38 at Broadway); and about 40 VIP tables. We expect occupancy on the opening weekend at Galaxy Macau to be solid.
If we assume 27-31 May (post Galaxy opening days) runs at a higher HK$600mn per day in table revenue, then the full month gross gaming revenue (GGR) would then be down 37.5% y/y to HK$19.6bn.

For the full year, we continue to expect weak revenue with a 26% y/y gaming revenue decline followed by just 2% growth in 2016.

However, within the Macau gaming sector, we remain Overweight on Galaxy as we anticipate market share gains and growth driven by the new openings.