Deutsche Bank said Macau's April gross gaming revenue (GGR) of MOP17.3bn was a tad (3%) higher than recently-lowered market expectations. As comps got easier, the rate of decline narrowed from 13% yoy in 1Q to 9.5% yoy in April.
That said, April's run-rate was only MOP578m/day, marginally below March's MOP580m/day. More importantly, anecdotal checks suggest May Labour Day long weekend isn't as rosy as in previous years, said the research house.
DB also expects Macau government to release its mid-term review on the gaming industry in early May. This is likely to prompt more discussions on regulatory controls. DB thus sees more downside risks in 2Q.
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