But it's up 7% m/m.
July gross gaming revenues (GGR) in Macau were MOP18.6 bn (HK$18.1 bn), down 34.5% y/y but up 7% m/m, based on numbers from the Macau Gaming Inspection and Coordination Bureau.
According to a research note from Barclays, July GGR m/m growth was 7%, compared with m/m growth for July of 16% in 2011, 5% in 2012, 4% in 2013 and 4% in 2014.
This data is in line with the 34.5% y/y decline that Barclays was expecting for July, and is also in line with Bloomberg consensus.
Here's more from Barclays:
This data shows a slight improvement from the 36.2% y/y decline we saw in June. We continue to forecast 2015 full-year GGR to be down 32% y/y and expect the GGR y/y decline in the next few months to narrow given easier comps.
We expect the by-segment GGR breakdown for July to be released later this week.
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