Macau GGR to grow 26% in 2024, analysts say

07/24/24

Seaport Research Partners expects Macau’s gross gaming revenue to rise 10 per cent next year.

Macau.- Seaport Research Partners has forecast that Macau’s gross gaming revenue (GGR) will grow by 26 per cent year-on-year in 2024 and by 10 per cent in 2025. Analyst Vitaly Umansky noted that the second quarter is typically the weakest, with a slight improvement expected in the third quarter due to seasonality. A more significant sequential improvement of 5.5 per cent quarter-on-quarter is expected for the fourth quarter, reaching 83.3 per cent of pre-Covid-19 levels.

Seaport Research Partners expects Sands China to gain market share, driven by the performance of the Londoner Macao. The GGR share for Sands China is predicted to rise to over 25 per cent in 2025, up from 24.2 per cent in the first quarter of 2024. MGM’s market share is expected to decrease to the mid-15 per cent range this year and to the high 14 per cent range in 2025. Wynn’s share is anticipated to stabilise in the mid-13 per cent range this year.

Galaxy is projected to see an increase in market share driven by enhanced marketing efforts and its Phase 3 expansion, while Melco is expected to gain some market share in the second half of this year, stabilising in the high 14 per cent range by 2025 and SJM is forecast to lose market share, dropping to the mid-12 per cent range in 2025.

In June, GGR was MOP17.69bn (US$2.20bn), up 16.4 per cent year-on-year but down 12.4 per cent month-on-month. Cumulatively, Macau’s GGR for the half of 2024 was MOP113.8bn (US$14.20bn), up 41.9 per cent year-on-year but 23.9 per cent below the same period in 2019.

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