July GGR up 10.3 percent year-on-year

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Gross gaming revenue in Macau reached MOP 25.3 billion (US$3.1 billion) in July, representing growth of 10.3 percent year-on-year, according to data released by the Gaming Inspection and Coordination Bureau (DICJ) on Wednesday.

The results were below Bloomberg consensus of 11.5 percent and on the lower end of Bernstein estimates of 10-12 percent. Average daily revenue (ADR) was MOP 817 million.

Union Gaming analysts, however, said they viewed the results favorably as the month faced three headwinds  – one fewer Sunday, a tough comparison to July 2017, and the World Cup which played out during the first two weeks of the month.

Accumulated gross gaming revenue for the first seven months of the year reached MOP 175.5 billion, increasing 17.5 percent year-on-year.

Looking ahead, Bernstein said it is estimating between 15-17 percent growth for the month of August.

Union Gaming said the month will include an additional Friday and should have an easier comparison given that August last year saw Typhoon Hato and Pakhar.

The brokerage forecasts 18Q3 to show 12.9 percent growth, assuming 13.8 percent growth in August, and 14.7 percent growth in September.

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