Macau Gaming Weekly:June on track to hit over 30%y-o-y growth

Win rate a drag on w-o-w run rate: First 25 days of June yielded MOP17.85bn ingross gaming revenue (GGR). This implies an average daily run rate (ADR) ofMOP693m/day the past week, versus MOP750m/day the week before andMOP486m/day for the same period last year. VIP volume continues to improvesequentially, but normalization of luck has slowed down revenue. Month-to-date VIPwin rate came in at c3%, down from 3-3.1% last week. On a m-o-m basis, VIPrevenue is up slightly while mass revenue is down slightly.

    June to track +32% y-o-y: We maintain our full-month GGR forecast at MOP21bn,translating into MOP630m/day for the last five weekdays of the month. This impliesthat we expect 2Q17 GGR to be roughly flat q-o-q or +24% y-o-y. By segment, weestimate VIP, +33% y-o-y, to outpace mass +16% y-o-y.