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Macau mass market GGR recovered to 67% of pre-COVID levels in 1Q23

Ben Blaschke by Ben Blaschke
Tue 23 May 2023 at 05:14
Credit Suisse warns of Macau casino liability over HK$30 billion to HK$50 billion in frozen junket deposits
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Macau’s mass market gross gaming revenue recovered to 67% of pre-COVID levels in the three months to 31 March 2023, helping make amends for the ongoing struggles of the VIP segment, according to analysis from Deutsche Bank.

Compiling the financial results of all six concessionaires after Galaxy Entertainment Group became the last to publish its Q1 numbers on Monday, Deutsche Bank’s Carlo Santarelli observed that mass market GGR had climbed 103% year-on-year to reach 67% of 1Q19 revenues, compared to VIP reaching just 15% of 1Q19 – despite also climbing 56% year-on-year. Industry-wide GGR was up 95% year-on-year to reach 45% of 1Q19.

Santarelli also noted that Property EBITDA of US$1.13 billion represented 46% of pre-COVID levels with industry margins of 25.8% comparing with 29.9% in 1Q19 because net revenues fell.

There were clear winners and losers in the Macau recovery story, with Las Vegas Sands, Wynn Macau and MGM China all gaining market share compared with the first quarter of 2022 in both the mass and VIP segments, while Melco, Galaxy Entertainment Group and SJM all lost share.

As reported by IAG, all six concessionaires printed positive EBITDA in 1Q23, the first time this has happened since prior to the COVID-19 pandemic.

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Tags: Carlo SantarelliDeutsche Bankgross gaming revenuesMacauMass market
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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