Macau Golden Week performance ‘disappointing,’ says Jefferies

Jefferies analysts Anne Ling and David Katz said industry sources and checks indicate that Macau’s gaming revenue for the seven days ending October 12, which includes the end of the Golden Week holiday period, was up 3% year-over-year or down 46% week-over-week. Month-to-date ADR of MOP804M implies a 5% year-over-year decline, the firm added. Macau-exposed coverage sold off last week after tourism for the first two days of Golden Week was in line with the MGTO’s projection, followed by lower than expected visitation, added the firm. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN) and Melco Resorts (MLCO).