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Deutsche Bank: Macau operator margins narrowed in 4Q24

Ben Blaschke by Ben Blaschke
Thu 6 Mar 2025 at 11:23
Experts claim 90% of Macau money exchange gangs eradicated since passing of illegal gaming law
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Macau’s gaming operators saw margins squeezed in the three months to 31 December 2024, with industry-wide margins of 27.2% down from 27.9% in the September quarter, from 29.0% a year earlier and from 29.8% back in 4Q19.

This saw Property EBITDA fall 2% year-on-year to US$1.90 billion, with non-gaming tax related operating expenses up 8% versus only 4% year-on-year net revenue growth, according to analysis by Deutsche Bank’s Carlo Santarelli.

Providing a Macau market recap after the last of the city’s six concessionaires reported their Q4 financials on Tuesday, Santarelli noted that total industry GGR was up 6% year-on-year in 4Q24, with VIP GGR rising 11% and mass GGR by 6%.

The qualitative metrics summarize 4Q24 at an aggregate high level, based on company reported metrics, he explained.

In the mass market, SJM, Galaxy and Melco all gained share versus 4Q23 with Sands, Wynn and MGM losing out, while SJM and Galaxy were the only gainers in VIP.

Aggregate rolling chip volume grew by 1% year-on-year although aggregate VIP revenue was up 11% on hold of 3.00% – some 27bps higher than the previous year.

Macau’s DICJ previously reported industry-wide GGR of MOP$57.6 billion in 4Q24, up from MOP$54.3 billion in 4Q23.

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Tags: Carlo SantarelliDeutsche BankEbitdaGamingMacaumarginsMass marketVIP
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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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