After strong revenue numbers during most of this year’s Golden Week, gaming revenue in Macau dropped off last week to its lowest weekly level since 2010. In a new report, Bernstein analyst Vitaly Umansky broke down the numbers and explained what they mean for casino shareholders.

The Numbers

For the week ending October 18, average daily revenue (ADR) in Macau was only MOP 486 million, the lowest level since June 2010 and down more than 40 percent from the same week last year.

After a strong Golden Week showing, the latest numbers bring October’s total gross gaming revenue (GGR) up to MOP 12.5 billion.

“Assuming an ADR of MOP 490-600 million for the remainder of this month, October GGR would be MOP 18.9-20.3 billion, representing a y/y decline of -28 percent to -33 percent,” Umansky explained.

Market Share

Among the four U.S.-listed Macau operators, Las Vegas Sands Corp. LVS 0.19% was…

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