{"id":777004401,"date":"2023-04-18T13:07:23","date_gmt":"2023-04-18T16:07:23","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777004401"},"modified":"2026-04-22T22:45:06","modified_gmt":"2026-04-23T01:45:06","slug":"macau-casinos-surpass-us1bn-ebitda-in-q1-analysts-say","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-casinos-surpass-us1bn-ebitda-in-q1-analysts-say","title":{"rendered":"Macau casinos surpass US$1bn EBITDA in Q1, analysts say"},"content":{"rendered":"\n

It’s the first time EBITDA has hit US$1bn since the Covid-19 pandemic began.<\/p>\n\n\n\n\n\n\n\n

Macau.- Casinos in Macau are estimated to have surpassed US$1bn in collective earnings before interest, taxation, depreciation, and amortization (EBITDA) in the first quarter of 2023, according to analysts. It’s the highest figure since the pandemic began in early 2020. <\/p>\n\n\n\n

Citigroup Global Markets Inc analysts George Choi<\/strong> and Ryan Cheung <\/strong>said that Macau generated industry EBITDA of US$1.038bn in the first quarter of the year. Meanwhile, DS Kim <\/strong>and Mufan Shi <\/strong>of JP Morgan Securities (Asia Pacific) also estimated that the six operators will have generated US$1bn-plus in EBITDA.<\/p>\n\n\n\n

Macau’s casino gross gaming revenue<\/a> was over US$4.28bn for the three months to March 31, up by almost 95 per cent compared to the same period last year. <\/p>\n\n\n\n

JP Morgan says it expects MGM China Holdings<\/strong> to deliver the best performance in the first quarter, with an estimated mass\/slot gross gaming revenue of almost 110 per cent of pre-pandemic levels. Citigroup also picked MGM China as the best performer in terms of recovery for the first three months and suggested that SJM Holdings<\/a> would be the slowest to recover<\/strong>. <\/p>\n\n\n\n

Citigroup said that SJM would likely be the only operator remaining in negative EBITDA territory, albeit with a narrowed EBITDA loss. It forecast SJM Holdings’ EBITDA loss at US$35m for the first quarter, compared to US$123m in the fourth quarter of 2022.<\/p>\n\n\n\n

Prior to the relaxation of Covid-19 countermeasures in Macau, mainland China, and Hong Kong in early January, the Macau industry experienced several quarters of negative EBITDA. However, operators managed to cut costs during this period and have kept costs below pre-pandemic levels.<\/p>\n","protected":false},"excerpt":{"rendered":"

It’s the first time EBITDA has hit US$1bn since the Covid-19 pandemic began.<\/p>\n","protected":false},"author":176,"featured_media":27875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau's casino industry achieved over US$1bn in collective EBITDA in Q1 2023, marking the highest figure since early 2020, driven by the relaxation of Covid-19 countermeasures. This recovery is evidenced by a nearly 95% increase in GGR year-over-year, with MGM China Holdings leading the performance and SJM Holdings showing the slowest recovery.","focusai_entities":"Citigroup Global Markets Inc, George Choi, Ryan Cheung, JP Morgan Securities (Asia Pacific), DS Kim, Mufan Shi, MGM China Holdings, SJM Holdings","focusai_location":"Macau, China, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9), marketing_crm (0.7)","focusai_suggestions":[{"label":"SJM Recovery Path","query":"What specific operational adjustments or market segment focus shifts are anticipated from SJM Holdings to accelerate its EBITDA recovery and align with the broader market's post-pandemic performance?"},{"label":"Cost Structure Sustainability","query":"To what extent are the observed cost efficiencies sustainable as GGR continues to normalize, and what are the long-term implications for operator profitability margins in Macau?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23906],"class_list":["post-777004401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777004401"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004401\/revisions"}],"predecessor-version":[{"id":777004437,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004401\/revisions\/777004437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/27875"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777004401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777004401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777004401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}