Weak VIP volumes offset good weekend cash volumes in Macau mid-June

Average daily table revenues softened again.

Average daily table revenues in Macau gaming softened again to HK$510mn for the period 15-21 June.

According to a research note from Barclays, good weekend cash volumes on mass floors were offset by weakness in VIP volumes, compounded by lower hold rates.

This recent week's data is weaker than the data point last week (8-14 June) that saw HK$556mn per day table revenue; and is more similar to the previous MTD period (1-14 June) that saw HK$511mn per day table revenue.

Here's more from Barclays:

Galaxy’s average daily table revenue from 1-21 June was 8% higher than the May average, while other operators saw a 16% decline on average in daily table revenue from 1-21 June when compared to May.

June GGR could see a 38% decline: If we assume the rest of June continues to see HK$511mn daily table revenue (MTD average daily table revenue), plus a slot assumption of HK$1 bn, then full-month gross gaming revenue (GGR) for June would then be down 38% y/y to HK$16.3 bn. This would be no improvement from the 37% y/y GGR decline we saw in May.