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Macau Property EBITDA hit 83% of pre-COVID levels in 1Q24

Ben Blaschke by Ben Blaschke
Wed 15 May 2024 at 12:21
Credit Suisse warns of Macau casino liability over HK$30 billion to HK$50 billion in frozen junket deposits
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Macau’s concessionaires generated combined Property EBITDA of US$2.03 billion in the first three months of 2024, down just 17% on the same period in 2019 and improved on the US$1.94 billion in Property EBITDA reported in the December 2023 quarter.

In a report issued late Tuesday after Galaxy Entertainment Group became the last of the six concessionaires to release its 1Q24 results, Deutsche Bank analyst Carlo Santarelli summarized Macau’s Q1 data, which also revealed a slight decline in margins to 29.2% compared with 29.9% in 1Q19.

Mass gaming revenues continued to drive the industry forward, climbing 11% above 1Q19 levels and 67% higher versus the same period last year, while VIP lagged at just 23% of pre-COVID levels. Total industry GGR remained at 75% of 2019 levels, in line with the GGR recovery rate from 4Q23.

According to Santarelli, mass GGR market share gainers in Q1 included SJM, MGM China, Melco and Wynn, with Sands China and Galaxy donating. In the VIP segment SJM, Galaxy, Wynn and MGM were seen gaining share with Melco and Sands China the losers. However, in terms of rolling chip volume, only MGM and SJM gained share for the quarter.

As previously reported by IAG, DICJ data showed Macau-wide GGR reaching MOP$57.3 billion (US$7.11 billion) in 1Q24 with March setting a new post-COVID revenue record of MOP$19.50 billion (US$2.42 billion).

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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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