Macau Gaming Weekly:Momentum stays strong

Run rate held up well: The first 11 days of June yielded MOP7.75bn in grossgaming revenue (GGR). This implies an average daily run rate (ADR) ofMOP719m/day, compared to MOP680m/day last week and MOP607m/day in thesame period last year. By segment, daily mass is down marginally vs May while VIPvolume is up m-o-m. Luck also helped, with month-to-date win rate came in at around3%, according to our estimates. The recent implementation of the new “KYC” ATMmachines (New KYC ATMs are deployed and will hurt sentiment, 12 June) seems tohave had no impact on GGR run rate.

    June to track 26% to 28% y-o-y: Factoring stronger-than-expected numbers last week,we raise our full-month GGR forecasts to MOP20.0