Macau’s gross gaming revenue grew 1.8% year-on-year to MOP$25.95 billion (US$3.22 billion) in May, notching positive growth for just the second month in 2019 and for the first time since February.
The figure also represented a 10.0% increase on April 2019 revenue, boosted by the Labor Day holiday and better luck in the VIP segment.
According to JP Morgan analyst DS Kim, VIP revenue is estimated to have fallen by between 11% and 12% in May “in spite of a favorable comparison for VIP luck, as last May was one of the unluckiest months for junkets (versus normal luck for this May). In other words, we believe VIP rolling volumes actually declined by a high-teen rate year-on-year in May, showing no signs of recovery.”
Conversely, it was the mass market leading the charge with mass GGR estimated to have grown by 13% to 14%.
Macau’s GGR for the first five months of 2019 combined is down 1.6% to MOP$125.69 billion (US$15.57 billion).