Inside Asian Gaming

INSIDE ASIAN GAMING | July 2013 18 3.18%, Sands China achieved 3.47%, Galaxy Entertainment Group, 3.16%, Wynn Macau, 3.13%, MGM China Holdings, 3.14% and Melco Crown got 3.10% at Altira and 3.66% at City of Dreams. Discounting luck factor by considering VIP rolling chip turnover by operator, the movements were less pronounced, though again it was SJM that lost most ground between the first and second quarters of 2013. The most apparent trends since the beginning of last year are the steady increases in Sands China’s and Melco Crown’s shares of VIP rolling chip turnover, while capacity-constrained Wynn Macau has seen its share decline. In the mass market, SJM’s share of revenue continued to fall in the face of significant capacity expansion by Sands China at Sands Cotai Central and as Galaxy and Melco Crown continue to ramp up their premium mass businesses. SJM’s loss of mass-market revenue share could also be partly the result of the company’s recent reclassification of some of its premium mass tables as VIP tables, triggered by maximum bets exceeding an apparent HK$300,000 (US$38,460) threshold that Macau’s gaming regulator, the DICJ, views as the cut-off between mass and VIP. Sands China unseated SJM as the market leader in mass revenue in the first quarter of this year and further extended its lead in the second quarter, commanding a 29.9% share. Wynn Macau lagged the field with a 7.1% share, having been overtaken in the quarter by MGM China. Share of Overall Macau Gaming Revenue by Operator (%) 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 Sociedade de Jogos de Macau 28.0 27.4 26.8 27.6 27.0 25.0 Sands China 17.6 17.3 19.1 20.4 20.6 20.7 Galaxy Entertainment Group 18.8 21.2 19.4 18.2 18.7 18.8 Melco Crown Entertainment 13.4 12.6 13.2 13.5 13.3 14.8 Wynn Macau 12.2 11.8 12.1 10.7 11.3 10.5 MGM China Holdings 10.0 9.6 9.4 9.6 9.1 10.2 Share of VIP Revenue by Operator (%) 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 Sociedade de Jogos de Macau 25.9 25.5 24.8 26.7 26.7 24.8 Galaxy Entertainment Group 20.4 23.4 21.0 19.3 19.9 19.7 Sands China 15.7 14.7 16.1 17.3 17.2 16.8 Melco Crown Entertainment 13.9 13.1 14.2 14.2 13.7 15.5 Wynn Macau 13.2 12.9 13.6 11.9 12.5 11.9 MGM China Holdings 10.9 10.4 10.2 10.5 9.9 11.3 Share of VIP Rolling Chip Turnover by Operator (%) Share of Mass Market Revenue by Operator (%) 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 Sociedade de Jogos de Macau 28.3 28.1 27.1 28.4 27.7 26.9 Galaxy Entertainment Group 22.4 23.0 21.7 19.7 19.3 19.9 Sands China 12.5 13.3 14.9 15.3 15.8 15.5 Melco Crown Entertainment 12.6 12.8 13.6 14.3 14.6 14.3 Wynn Macau 14.3 13.5 12.4 11.5 11.6 12.1 MGM China Holdings 9.9 9.3 10.3 10.7 11.0 11.4 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 Sands China 22.8 24.7 26.4 27.8 28.8 29.9 Sociedade de Jogos de Macau 34.3 32.6 31.6 29.6 27.6 25.6 Galaxy Entertainment Group 14.3 15.0 15.5 15.5 15.9 16.7 Melco Crown Entertainment 11.8 11.3 10.7 12.0 12.3 12.9 MGM China Holdings 7.2 7.6 7.3 7.3 7.1 7.7 Wynn Macau 9.5 8.8 8.5 7.8 8.3 7.1 Sands China unseated SJM as the market leader in mass revenue in the first quarter of this year and further extended its lead in the second quarter, commanding a 29.9% share. IN FOCUS