Macau's July gross gambling revenue jumped 70% from a year earlier and rose 20% from June, picking up after the end of the soccer World Cup, which analysts said had suppressed high-stakes gambling.

July revenue totaled MOP16.3 billion (US$2.0 billion), up from MOP9.6 billion a year earlier and MOP13.6 billion in June, according to data from Macau's Gaming Inspection and Coordination Bureau.

July's figure is the second-highest so far this year after May's record MOP17.1 billion.

But July may be the last month of exceptionally high percentage growth from a year earlier due to a high comparison base effect the remainder of the year, Citigroup analyst Anil Daswani wrote in a recent report, noting monthly gambling revenue hasn't fallen below MOP10 billion since July 2009.

CLSA analysts Huei Suen Ng and Aaron Fischer said they expect gambling revenue in the Chinese territory to rise 34% in the second half from a year earlier, slowing from the first half's 67% growth.

Among Macau's six casino license-holders, tycoon Stanley Ho's SJM Holdings Ltd. (0880.HK) continued to lead the market with a share of 32%, followed by Las Vegas Sands Corp. unit Sands China Ltd. (1928.HK) with 19%, and Wynn Resorts Ltd. unit Wynn Macau Ltd. (1128.HK) with 15%, according to CLSA. Compared to the brokerage's June market share figures, SJM gained two percentage points, and Wynn and Sands lost two each.

Melco Crown Entertainment Ltd. (MPEL), co-chaired by James Packer and Lawrence Ho, had a market share of 15%; Galaxy Entertainment Group Ltd. (0027.HK) had 12%; and MGM Macau, a joint venture between Pansy Ho and MGM Resorts International (MGM), had 7%, CLSA said.

Nomura Holdings analyst Charlene Liu said in a report Friday solid July revenue figures are significant for two reasons: first, the companies' performance should help dismiss some of the market's concerns that property cooling measures announced by China in mid-April could have a negative impact on Macau gambling revenue with a three-month delay. Second, a strong July, despite routine seasonal weakness, will set a positive tone for the next six months.

In a report Tuesday, Goldman Sachs said the availability of credit "is not an issue" in Macau.

It said "the macro backdrop, especially of the Pearl River Delta region, is a more important driver for Macau's gross gambling revenue growth, since half of its visitations are day-trippers across the border."

Most Macau stocks were up at the midday break in Hong Kong following the news about July revenue. Galaxy was up 5.0% at HK$5.68 and Melco International (0200.HK), essentially a holding company for U.S.-listed Melco Crown, was up 4.6% at HK$3.40.

Wynn Macau was 1.5% higher at HK$13.26, and SJM Holdings was up 0.3% at HK$6.89. Sands China was the lone decliner, falling 1.3% to HK$11.82.

The benchmark Hang Seng Index was up 0.5% at 21,519.24.

-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002; kathryn.okeeffe@dowjones.com
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