May gaming revenue up more than 60% as forecast

The Macau Statistics and Census Service reported yesterday (July 3) that May gaming revenue was up 67.2% to US$908 million.

In a report released by Citigoup yesterday, analysts said they estimated table supply was up 60 per cent over 2006 and remains positive for June.

“Looking ahead to June results, the comp is relatively easy at +8.5% and the calendar is favorable (one extra Saturday versus last year). Recent results with gaming revenue +48% YTD should be encouraging to investors, given the significant supply that has entered the market. High-quality supply should continue to drive demand.”

Meanwhile, gaming receipts grew 47.2 per cent to HK$36.8 billion in the first half of 2007, while gross receipts fell by 23 per cent from May to June, according to a Macau Post Daily report today (July 4). According to the local news report, last month’s gross gaming receipts totaled HK$5.6 billion, down from HK$7.3 billion the previous month.

Since Macau casinos pay 35 per cent of their gross receipts in taxes, the Macau government earned MOP 11.24 billion, up 11.24 per cent over last year, according to the Finance Service Bureau (DSF).