Analysts at Sanford C. Bernstein are forecasting growth of between 3% and 5% for the month of June, citing a normalization of comparison months from the previous year.
“Heading into June and July, we expect y/y comparison to begin easing,” the analysts wrote. “Recall GGR was quite robust in early 2018, until U.S.-China trade tensions heightened beginning last summer.”
Channel checks show that gross gaming revenue during the first nine days of the month reached MOP6.65 billion, with an average daily rate of MOP738 million, or 12% higher than in the previous month.
Bernstein also said it expects Melco, Galaxy and SJM gained some market share over their rivals during the first nine days of the month.
June has been a consistent poor performer in recent years, recording the second-lowest monthly take in both 2018 and 2017, and the lowest in 2016.
Gross gaming revenue in June 2018 amounted to MOP22.49 billion, closing the first half of last year with some MOP150 billion in revenue, up almost 19% compared with a year earlier.
Revenue from gambling activities stands about 1.6% lower in the first five months of 2019 compared to the equivalent period last year. Growth of up to 5% year-on-year in June would almost close that gap. DB