April GGR in Macau could sink 37% y/y

Early April daily table revenues were soft.

In Macau gaming, it has been noted that average daily table revenues were soft at HK$569 mn for the period 1-7 April.

According to a research note from Barclays, this data is weaker than in March, which saw HK$643 mn daily table revenue.

The period included the Ching Ming festival (tomb sweeping day) and there have been several reports of properties with an unfavourable hold rate.

Here's more from Barclays:

We therefore believe we should not extrapolate this number to read into full-month trends.

April GGR could see a 37% y/y decline: If we assume daily table revenues of HK$620 mn per day (similar to trends seen in the latter half of March), plus a full-month slot revenue assumption of HK$0.9 bn, then April GGR would be down 37% y/y to HK$19.1 bn.

This would be slightly better than the 39% y/y decline seen in March.