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Deutsche Bank: Macau’s mass market gaming revenue surpasses pre-COVID levels in Q4 2023.

March 7, 2024 Macau Industry Updates

According to a report by Deutsche Bank’s Carlo Santarelli, Macau’s consolidated mass gaming revenues have officially surpassed pre-COVID levels. They grew by 414% year-on-year, reaching 105% of the fourth quarter of 2019, totaling US$5.94 billion in the three months ending on December 31, 2023.

SJM Holdings’ results, released overnight, marked the conclusion of the fourth-quarter 2023 earnings season for the six concessionaires.

The robust performance of the mass market segment drove the total gross gaming revenue (GGR) for the quarter to 75% of pre-COVID levels, or 421% higher year-on-year, amounting to US$6.77 billion. VIP GGR remained at just 23% of the fourth quarter of 2019, totaling US$756 million.

Property EBITDA reached US$1.94 billion, returning to 82% of pre-COVID levels. Industry margins stood at 29.0%, slightly below the 29.8% achieved in the fourth quarter of 2019. Santarelli explained that this was due to net revenue being down 16% from fourth quarter 2019 levels, while non-gaming tax-related operating expenses remained flat versus the same period.

In the mass GGR market, Sands, MGM, and Melco experienced the most significant gains in market share during the fourth quarter, while SJM, Galaxy, Wynn, and MGM gained share in VIP GGR.

Original Story by: IAG

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