6% y/y decline in Macau GGR this July likely

Just like in June.

July total gross gaming revenue in Macau could be at HK$26.8bn, which would imply GGR decline of 6% y/y, similar to the 4% y/y decline seen in June.

According to a research note from Barclays, this is possible assuming the remainder of the World Cup period (7-13 July) continues to see HK$725mn per day table revenue and the rest of July (14-31 July) normalizes to see HK$900mn per day table revenue.

Also, this could happen if slot revenue full month assumption at HK$1.2bn is further added.

Barclays noted that average daily table revenue remained soft at HK$725mn for the period of 1-6 July. It said that this is similar to recently reported weekly data that was at HK$775mn per day for 16-22 June and HK$764mn per day for 23-29 June.

The report further said that mass revenue trends continued to remains strong, but there was a low VIP hold rate at certain properties.