Macau Weekly:Too early to call a trend

Just a glimpse into June: First 4 days of June yielded MOP2.72bn in gross gamingrevenue (GGR). This translates into an average daily run rate (ADR) of MOP680m/day,compared with MOP734m/day in May and MOP510m/day during the same period lastyear. This seems like a good start to June especially given it is a seasonally weakermonth. However, the first 4 days span Thursday to Sunday i.e. includes a weekend, soit maybe too early to conclude or a call a trend at this point.

    June to track +23% to +25% y-o-y: Factoring seasonality, we estimate full-month GGRto come in at MOP19.5-19.9bn, implying MOP640-660m/day for the rest of the month.

    This would translate into 2Q17 overall GGR to be down 1-2% q-o-q or up 21-22% y-o-y.