Sands China Ltd was the biggest percentage points gainer year-on-year for share of Macau casino gross gaming revenue (GGR), noted Deutsche Bank Securities Inc, in a Wednesday update.
In 2022, Macau GGR was severely constrained by travel restrictions affecting Macau, mainland China and Hong Kong. Total GGR that year was just over US$5.19 billion, compared to US$22.66 billion in 2023.
Nonetheless, the 2023 Macau GGR share for Sands China – controlled by United States-based Las Vegas Sands Corp – rose 3.2 percentage points, to 26.6 percent, at nearly US$6.03 billion. That compared to a 23.4 percent market share, at just over US$1.21 billion, in 2022.
MGM China Holdings Ltd, and Wynn Macau Ltd, each gained 1.6 percentage points of GGR share in 2023.
MGM China recorded just under US$3.46 billion, or a 15.3 percent share, versus just US$713 million or a 13.7 percent share in 2022.
Wynn Macau Ltd had in 2023 just over US$3.03 billion in GGR, or a 13.4 percent share, compared to US$614 million or an 11.8 percent share in 2022.
Deutsche Bank’s data are based on GGR figures reported by each of the city’s casino operators.
The 2023 GGR share losers were Galaxy Entertainment Group Ltd, with a 0.6 percentage point decline year-on-year, to 18.1 percent, or just over US$4.09 billion.
Melco Resorts & Entertainment Ltd slipped 1.7 percentage points year-on-year. It had 14.6 percent of GGR in 2023, or just under US$3.32 billion.
SJM Holdings Ltd’s 2023 share was down 4.0 percentage points year-on-year, to 12.1 percent, or nearly US$2.74 billion. In 2022, it had 16.1 percent, or US$833 million.
Based on the figures compiled by Deutsche Bank, the Macau casino industry recorded aggregate earnings before interest, taxation, depreciation and amortisation (EBITDA) of nearly US$6.46 billion in full-year 2023, compared to a negative figure of US$1.31 billion in the prior year.
In terms of property EBITDA market share, Sands China was also leading the pack, with a 34.2 percent share, a 10.0 percentage point gain from the prior year.
Galaxy Entertainment came second, with a property EBITDA share of 20.8 percent, followed by Wynn Macau Ltd, with a 14.8 percent share.
MGM China had a 13.4 percent share of the market in terms of industry-wide property EBITDA, with Melco Resorts receiving a 12.5 percent share. SJM Holdings recorded the sharpest decline, holding an EBITDA market share of 3.4 percent in 2023.
Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, had mentioned on the firm’s recent fourth-quarter earnings call, that its loss in 2023 of Macau EBITDA market share had been a factor in a decision to have a refreshment of management personnel and a rejig of the company’s sales effort.
