Macau gaming EBITDA in Q3 reached US$1.8bn, analysts say

Macau’s gaming property EBITDA margins grew by 0.3 per cent compared to 2019.

Macau.- Deutsche Bank Securities has reported that Macau Q3 property EBITDA margins were 0.3 per cent above 2019 levels. Carlo Santarelli said aggregate property EBITDA for Q3 amounted to MOP14.46bn (US$1.795bn), down 20 per cent in comparison with 2019.

Net revenue was down 21 per cent from the third quarter of 2019. VIP GGR was 77 per cent lower, while mass GGR was only 5 per cent lower. SJM Holdings was the only ‘donor’ among the six gaming operators. Galaxy Entertainment Group, Melco, and SJM gained market share in VIP rolling chip volume.

In October, Macau’s GGR was up 30.6 per cent month-on-month and 400.2 per cent year-on-year at MOP19.50bn (US$2.42bn). Cumulatively, GGR for the first ten months of 2023 was MOP148.44bn (US$18.44bn), up 315.6 per cent compared to the same period in 2022.