Macau’s consolidated mass gaming revenues have now officially topped pre-COVID levels, growing by 414% year-on-year to reach 105% of 4Q19 at US$5.94 billion in the three months to 31 December 2023, according to a report by Deutsche Bank’s Carlo Santarelli.
The report follows publication of SJM Holdings’ results overnight, which completed 4Q23 earnings season for the six concessionaires.
The strength of mass pushed total GGR for the quarter to 75% of pre-COVID levels or 421% higher-year-on-year at US$6.77 billion, with VIP GGR of US$756 million still at just 23% of 4Q19.
Property EBITDA of US$1.94 billion was also back to 82% of pre-COVID levels, while industry margins of 29.0% just below the 29.8% achieved in 4Q19 “as net revenue was down 16% from 4Q19 levels, while non-gaming tax related operating expenses were flat versus 4Q19,” Santarelli said.
Sands, MGM and Melco were the three mass GGR market share gainers in Q4, while SJM, Galaxy, Wynn and MGM gained share in VIP GGR.
