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Macau’s mass market GGR officially reached 95% of pre-COVID levels in 3Q23

Ben Blaschke by Ben Blaschke
Thu 16 Nov 2023 at 06:10
Number of Macau gaming workers rises through December 2022
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Macau’s mass market gaming revenues reached 95% of pre-COVID levels in 3Q23, representing a 771% increase over the same period last year according to data from Deutsche Bank analyst Carlo Santarelli.

In an earnings season wrap published shortly after SJM Holdings became the last of Macau’s concessionaires to release its Q3 results on Tuesday evening, Santarelli said the recovery of mass had driven total GGR for the quarter back to 69% of 3Q19, dragged down by VIP which is sitting at just 23%.

Industry-wide Property EBITDA was also back to 80% of pre-COVID levels for the quarter at US$1.80 billion while margins of 29.3% were improved from 29.0% in 3Q19 “as net revenue was down 21% from 3Q19 levels, while non-gaming tax related operating expenses declined 9% versus 3Q19.”

Notably, five concessionaires gained market share in the mass gaming segment – Galaxy, Melco, MGM, Sands and Wynn – meaning all of this share was taken from SJM.

On the VIP side, GGR share was gained by SJM, Galaxy, Wynn and MGM with Melco and Sands losing out, while based on VIP rolling chip volume it was Galaxy, Melco and SJM gaining share and Sands, MGM and Wynn losing out.

According to figures released by the DICJ in October, Macau’s mass baccarat tables accounted for 60.8% of all gaming revenue in Q3, rising from 58.4% in Q2 and a high of 58.9% in Q1.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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