Macau's June GGR declines 36.2% y/y

But it's marginally better than May.

June gross gaming revenues (GGR) in Macau were MOP17.4 bn (HK$16.9 bn), down 36.2% y/y, based on data from the Macau Gaming Inspection and Coordination Bureau.

According to a research note from Barclays, this data is better than the 38% y/y decline that Barclays was expecting, based on the 1-21 June revenue run rate.

It is also above the 38.3% decline forecast by Bloomberg consensus.

Here's more from Barclays:

We estimate that the monthly data implies an average daily revenue for the last nine days of June (June 22-30) of HK$570mn, 12% higher than the average daily revenue during June 1-21 at HK$511 mn.

However, June's full month data lags our 2015 full-year GGR expectation of a 26% y/y decline. The June y/y decline only shows a marginal improvement from the May GGR decline of 37% y/y.

While it is still early days, data shows that the opening of Galaxy Macau Phase 2 and Broadway has so far only helped Galaxy gain share from other operators, but has not grown the overall industry revenue pie so far.

2Q15 total GGR is down 37% y/y and down 12% q/q. We were looking for a 32% y/y decline in 2Q.