Nomura Equity Research released a new report this week that included the firm’s updated outlook and price targets for Macau casino operators.

According to analyst Harry Curtis, shareholders have little reason for near-term optimism when it comes to Macau.

The Latest Numbers

The Nomura report included the firm’s latest gross gaming revenue (GGR) estimates for Macau casino operators. According to the report, Nomura is projecting June GGR to fall 34 percent year-over-year (Y/Y) compared to a 37 percent Y/Y decline in May and 39 percent Y/Y declines in March and April.

Macau’s average daily gaming revenue (ADR) for the week of June 8-14 came in 19 percent higher than the previous week’s numbers, which represented the worst week so far in 2015. June’s ADR numbers (tables only) are tracking 15.1 percent lower than May.

Nomura’s projection of a 34 percent Y/Y GGR decline in June is based on an assumption of HKD 600m ADR for the remainder of the month.

Commentary

Many Macau bulls have argued that…

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