Among the six casino operators in Macau, MGM China Holdings Ltd. experienced the largest sequential increase in its market share of mass table and slot gross gaming revenue (GGR) during the fourth quarter.
Carlo Santarelli, an analyst at Deutsche Bank Securities Inc., stated as much in a memo on Tuesday, referencing its own study based on data provided by operators.
Operator-reported data for VIP play versus mainstream play might be categorized differently than how the Gaming Inspection and Coordination Bureau, the city’s casino regulator, does it.
According to research by Deutsche Bank, during the last three months of 2024, Galaxy Entertainment Group Ltd. saw the most quarterly share growth in VIP GGR. In the fourth quarter, Sands China Ltd. was the largest contributor of both mass and VIP shares.
MGM China’s GGR for its mass tables and slots operation increased by 70 basis points, to 15.9 percent, or US$999 million. It increased by 3.0 percentage points to 14.5 percent, or US$121 million, in VIP.
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Quarter over quarter, Galaxy Entertainment’s mass market share increased by about 10 basis points to 19.4%, or slightly more than US$1.22 billion. With a quarterly growth of 6.2 percentage points, Galaxy Entertainment outperformed in VIP, snagging 23.7 percent of the market at US$199 million.
At 14.3 percent, or US$900 million, Melco Resorts & Entertainment Ltd. was up 20 basis points in mass from the third quarter. At 18.2 percent, or US$153 million, it was down 1.4 percentage points in VIP.
For mass gambling, Wynn Macau Ltd. was flat sequentially at 12.2 percent, or $768 million. In the fourth quarter, the company’s VIP share increased by 2.0 percentage points to 19.3 percent, or US$162 million.
In the fourth quarter, SJM Holdings Ltd.’s mass market GGR market share, which includes slots, decreased 40 basis points sequentially to 13.9 percent, or around US$878 million. Its VIP GGR share dropped 11.3 percent, or US$94 million, 1.1 percentage points from the previous quarter.
Sands China was at 24.3 percent, or just under US$1.53 billion, down 50 basis points sequentially in the mass sector. Its stake in the VIP group fell 8.7 percentage points to 13.1 percent, or around US$110 million.
Because of rounding, the market-wide VIP percentage shares total 100.1 percent.
GGR is reported by Macau’s gaming authority for all games of chance in pataca, the native currency. The total was close to MOP57.43 billion (US$7.17 billion) in the fourth quarter.
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