The Asian branch of global brokerage firm, Sanford C Bernstein and Company, has reportedly predicted that the Macau’s 38-venue casino market will post comparatively flat aggregated gross gaming revenues for the month of July.
According to a report, the Hong Kong-headquartered entity stated that it expects the city’s casino industry to record an at best a 2% increase year-on-year in takings for the 31-day month, which would be significantly lower than the comparative 5.9% rise seen for June and result in a final tally of somewhere around $3.21 billion.
In a Monday note, Sanford C Bernstein and Company also detailed that Macau’s casinos had chalked up an average daily rate of about $100.6 million through the first 21 days of July while the enclave’s six-month aggregated gross gaming revenues were about 0.5% lower year-on-year at slightly over $18.58 billion.
According to the filing from Sanford C Bernstein…
“VIP volume is estimated to be down mid-single digits month-on-month with hold rates towards the lower end of the normalized range. Mass-market gross gaming revenues are estimated to be up mid-single digits of percentage point month-on-month.”
GGRAsia reported that Japanese financial services firm, Nomura Holdings Incorporated, had earlier broadly agreed with this assessment although it used its own Monday advice to predict that Macau’s aggregated gross gaming revenues for July could now expand by as much as 5% year-on-year to top $3.29 billion.
Nomura Holdings Incorporated’s filing read…
“While the mid-point of our estimated range suggests a slight deceleration versus June’s 5.9% number, it still implies roughly 250 basis points of acceleration versus approximately zero percent growth year-to-date. We expect improved growth for the balance of the year, given easier one-year growth comparisons in September to November.”
Macau had recorded comparative declines in its aggregated gross gaming revenues for January, March and April. However, May’s tally of $3.22 billion had represented a 1.8% swell year-on-year while the $3.15 billion seen for February had signified an even greater boost of 4.4%.