September GGR in Macau declines 11.7% y/y

It's better than previously implied outcome, though.

September gross gaming revenues (GGR) in Macau were at MOP 25.564 bn, down 11.7% y/y, the Macau Gaming Inspection and Coordination Bureau has said.

According to a release from Barclays, this is wider than the 6% y/y decline seen in August, but was better than the 14.5% y/y decline as implied by the previously published 1-21 Sept run rate.

Further, this means that GGR saw a pick up into the last week of September.

Here's more from Barclays:

We expect the by-segment GGR breakdown for September be out this week, and expect substantial VIP declines to be leading to the widening y/y declines.

Golden Week visitor arrivals strong: The Macau Tourism Office published mainland visitor arrivals to Macau at 632,646 during 1-5 October, up 13.9% y/y.

Our channel checks indicate that mass volumes are strong, but we are still expecting VIP weakness during the Golden Week.