Dejiang visit pressured last week's GGR: Bernstein

Gross gaming revenue last week in Macau was lower than expected, hitting MOP3.85 billion ($480 million), with an average daily rate of MOP550 million, said Bernstein in a note on Monday.

The results brought month-to-date ADR to MOP 704 million, 5 percent higher than April ADR of MOP 672 million, and 4 percent over the similar period in 2016.

Bernstein said GGR in the week was pulled down by National People's Congress Chairman Zhang Dejiang's visit to Macau, and continued to stay low even after his visit.

VIP luck continued to be slightly higher than normal, while mass declined during the week, said the brokerage.

 Assuming an ADR of MOP 630 - 650 million for the remaining days of the month, Bernstein estimates May GGR to be in the range of MOP 20.6 - 20.9 billion, representing a year-on-year increase of 12 to 14 percent.