Sands China and Galaxy lead Macau GGR in Q1

According to analysts at financial services firm Deutsche Bank, Sands China and Galaxy together accounted for 45.3 per cent of Macau GGR in the first quarter of the year.

Macau.- Deutsche Bank has revealed that GGR in Macau in Q1 was driven largely by two of its biggest casino operator: Sands China and Galaxy Entertainment.

Sands China and Galaxy Entertainment together contributed MOP23.6bn (US$2.9bn) to Macau’s GGR between January and March.

According to analysts, Sands China led the way, accounting for 24.1 per cent of the total market. Galaxy Entertainment accounted for 21.2 per cent of GGR.

The Tribuna de Macau newspaper reported Sands China revenue was up 2.7 percentage points when compared to the previous three month period. Galaxy saw a decline of 0.7 percentage points.

Melco Resorts & Entertainment, which had topped the ranking for most of 2020, followed with 16.9 per cent. In fourth place, Wynn Macau reported GGR of US$424m, 14.5 per cent of Macau’s total GGR. SJM accounted for 11.7 per cent and MGM China 11.6 per cent.

As for VIP results, Galaxy Entertainment took 28.4 per cent of the market share, Sands 21.5 per cent and Wynn Resorts 18.9 per cent.

The mass-market results were led by Sands at 25.1 per cent and Galaxy Entertainment at 18.3 per cent.

Macau’s GGR in May came in at MOP10.45bn (US$1.31bn). That’s an increase of 24.3 per cent from April, when GGR was MOP10.4bn (US$1.3bn).

GGR was up 492.2 per cent year-on-year, making May the highest monthly revenue since the Covid-19 pandemic started.

Aggregate casino GGR for the first five months of the year totals MOP42.49bn, up 29 per cent year-on-year.

May’s numbers were fueled by the Labour Day break, when Macau’s Public Security Police reported that 165,500 tourists came to Macau.

Sands China results for Q1

Casino operator Sands China Ltd has reported figures for the first quarter showing net revenue of US$771m, a 5 per cent year-on-year decline compared to the first quarter of 2020 but a 15.1 per cent increase from US$675m in the fourth quarter of 2020.

Sands China saw property EBITDA of US$100m, up 49.3 per cent from the previous quarter when the figure was US$47m.

It reported a net loss of US$213m, compared to a loss of US$166m in the same quarter in 2020, but an improvement when compared to the US$246m loss reported in the fourth quarter.

The company reported an occupancy rate of 90 per cent for the Labour Day break.

Sands China president, Wilfred Wong said that although there were fewer tourists than on previous holidays, people spent more and stayed longer.

Some 165,500 tourists came to Macau during the Labour Day break, with a peak of 44,000 arrivals on the first day.

The Macao Government Tourism Office (MGTO) reported Macau an average occupancy rate of 83.2 per cent for hotels and guest houses.