,Macau

Macau mass GGR in October down 21% y/y

It's showing signs of stabilization.

In Macau, October mass gross gaming revenue (GGR) was down by 21% y/y, the narrowest decline in the past nine months.

According to a research note from Barclays, further, VIP rollings were down 49% y/y, which is also the best reading since the beginning of year though it could be partly due to the low base from last year.

Meanwhile, the report said that though it is still too early to draw any firm conclusion, the GGR of the last few days of October did not show an obvious uplift stimulated by the opening of Studio City on 27 October.

With news headlines citing that the Macau government has denied the rumour of transit visa relaxation, we believe it is still too early to call a market recovery just yet.

Here's more from Barclays:

The detailed segment data are summarized here:

Headline mass table revenue in October was down 21% y/y to HK$7.7bn; the decline narrowed from September with a 33% y/y decline and 3Q15 with a 30% y/y decline.

VIP volume in October was down 49% y/y, marginally better than the 54% y/y decline seen in September and the 53% y/y decline during 3Q15. The September headline hold rate continued to be high at 4.17% (vs. 4.12% during 3Q15 and 3.19% in October 2014). VIP revenue was down by 33% y/y, narrower than the 34% y/y decline in September and 38% y/y decline in 3Q15.

Slot revenue was at HK$955mn, down 21% y/y in October, at a similar level as the 21.5% y/y decline seen during 3Q15.

In terms of overall GGR market share in October compared with that of September, Galaxy and Sands gained market share at the cost of the others.
 

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