Macau's gross gaming revenue dipped 4.5% to HK$27.44bn

Check out the sector's outperformers.

According to Barclays, June gaming data continued to see strong growth in the mass table segment, and strong growth rates in VIP, partially aided by a low comparison base: Macau gross gaming revenue (GGR) for June 2013 was HK$27.44bn, + 21.1% y/y (+HK$4.787bn).

The June GGR was down 4.5% from May, which Barclays believes reflects seasonality as June 2012 also saw a 10.5% decline from May 2012.

Here's more from Barclays:

By segment, VIP rolling volumes were +18% y/y and -7.8% m/m. Win rate in June was +3.22%, marginally higher than the 3.23% seen in June 2012, and higher than the 3.11% seen in May. VIP revenues were +17.7% y/y and -4.6% m/m in June.

Mass table revenues were +31.5% y/y and -3.6% m/m in June.

Slot and electronic game revenues were +12.0% y/y and -8.4% m/m.

For the full quarter, 2Q13 GGR was +16% y/y and +1% q/q. 2Q13 mass revenues was +31% y/y and +3% q/q. VIP revenues were +11% y/y and flat q/q.

2Q13 q/q performance

The outperformers in overall 2Q13 GGR growth compared to 1Q13 were:

MGM with 12% q/q overall GGR growth: MGM saw 12% q/q mass revenue growth as well as 14% q/q VIP revenue growth. While win rate was higher at 3.14% in 2Q13 (1Q13 was 2.97%), VIP rolling volumes were also strong at +8% q/q.

Melco with 12% q/q overall GGR growth, but VIP was helped by high win rate: Melco saw 9% q/q mass revenue growth as well as 13% VIP growth. But the strong VIP growth was due to a much higher win rate at 3.46% in 2Q13 (1Q13: 3.10%). VIP rolling volumes were only +1% q/q.

Galaxy saw 2% q/q overall GGR growth: Mass table revenue GGR was +8% q/q. VIP volumes were +6% q/q, but with a lower win rate (2Q13 at 3.16% vs 1Q13 at 3.38%), VIP revenues were down 1% q/q.

Sands China saw 2% q/q overall GGR growth: Mass table revenue growth was +7% q/q. VIP volumes were +1% q/q, but revenues were down 2% q/q, due to a lower win rate (3.47% in 2Q13 vs 3.56% in 1Q13).