Banking group Morgan Stanley expects Macau’s gross gaming revenue (GGR) to be “down 2% to 3% quarter-on-quarter” when final figures come out this month.

Notably, Macau’s June GGR is expected to reach 18 billion MOPs ($2.24 billion), down up to 11% from the previous month. May was a notable month, with the best monthly GGR since the start of the COVID-19 pandemic in early 2020.

Analysts Praveen Choudary, Gareth Leung and Steven Grambling added: “The selling-side consensus, Q2 EBITDA (interest, tax, depreciation and amortization earnings) looks set to fall.” 토토사이트 추천

The evaluation is based on “a large drop in sales and a quarter-over-quarter increase in costs,” the memo added.

A June 10 report from brokerage CLSA showed that player rebates and other player reinvestments in the Macau casino market are growing faster on a quarter-on-quarter basis than the market-wide GGR.

In the three months to March 31, public market baccarat’s revenue rose 3.1% quarter-on-quarter to about $34.59 billion, accounting for about 60.3% of the market share, according to market segmentation data from the city’s regulator, the Bureau of Game Inspection and Coordination.

Macau’s gross revenue from the mass market segment, including slot machines, was just under $42.95 billion in the first quarter. Those mass market revenues amounted to 74.9% of Macau’s total casino revenue in the January-March period.

Morgan Stanley observed a study in its second-quarter evaluation released on Friday that the overall Macau GGR was “down 1% to 2% quarter-over-quarter.”

The agency noted: “Consensus expects Q2 Real Estate EBITDA to be $2.1 billion (+2% quarter-over-quarter and -2% on a hold adjustment basis.”