Overall GGR in Macau gaming sinks 39.4% in March

1Q15 GGR plummets 36.6% y/y.

Macau gross gaming revenue (GGR) for March 2015 was at HK$20.9bn, a decline of 39.4% y/y, compared with the 35% y/y decline in Jan/Feb combined.

According to a research note from Barclays, 1Q15 GGR was down 36.6% y/y.

Barclays provided segment data, but noted that these figures continue to be distorted by the reclassification of certain premium tables into VIP tables.

Here's more from Barclays:

Headline mass table revenue in March saw a 29% y/y decline to HK$8.0bn compared with the Jan/Feb combined mass revenue decline of 26% y/y. 1Q15 mass revenue was down 27% y/y.

VIP volume in March was down 54% y/y, following the 50% y/y decline in Jan/Feb combined. The March headline hold rate was at 3.7%. VIP revenue was down by 45% y/y vs. the 40% y/y decline in VIP revenue in Jan/Feb combined. 1Q15 VIP volumes was down 51% y/y; and VIP revenue was down 42% in 1Q15.

Slot revenue was down 25% y/y in March, compared with the 27% y/y decline in Jan/Feb combined. The 1Q15 slot revenue was down 26% y/y.

In terms of overall GGR market share in March compared with that of February, Wynn and MGM gained market share while Sands, Galaxy and Melco saw lower market shares. SJM maintained a similar market share as in February. Galaxy saw an unfavourable hold rate in March.

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