Macau’s 3Q mass market revenue surpasses 95% of pre-COVID levels
Macau’s mass market gaming revenues in the third quarter of 2023 exceeded 95% of pre-COVID levels, a 771% increase over the same period the previous year, according to figures provided by Deutsche Bank analyst Carlo Santarelli.
Due in large part to the mass market’s recovery, the quarter’s overall gross gaming revenue (GGR) surpassed 69% of the third quarter of 2019. In contrast, the VIP group is far less significant, making up just 23% of GGR.
At US$1.80 billion, property EBITDA for the quarter was 80% of pre-COVID levels, and margins improved from 29.0% to 29.3% from the third quarter of 2019.
SJM Holdings lost market share to Galaxy, Melco, MGM, Sands, and Wynn in the mass gaming sector, while five concessionaires gained market share. Regarding VIPs, Melco and Sands had a decline in their GGR share, while SJM, Galaxy, Wynn, and MGM saw a rise.
While Sands, MGM, and Wynn saw a decline in market share, Galaxy, Melco, and SJM saw a gain in VIP rolling chip volume. In Q3, mass baccarat tables in Macau accounted for 60.8% of overall gaming revenue, up from 58.4% in Q2 and a high of 58.9% in Q1, according to DICJ figures issued in October.
Original story by: IAG
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