MGM China Holdings Ltd took the forefront among Macau’s six casino operators in the fourth quarter of 2024, achieving the most significant increase in market share for mass table and slot gross gaming revenue (GGR). The insight was brought to light in a recent memo by Carlo Santarelli, an analyst at Deutsche Bank Securities Inc, drawing on research based on data declared by operators. In the competitive arena of Macau’s gaming industry, the distinction between operator-reported figures and classifications by the Gaming Inspection and Coordination Bureau occasionally varies, emphasizing the nuances in how VIP and mass segments are reported.
Despite these classifications, Deutsche Bank highlighted MGM China’s impressive performance in the mass gaming segment. The operator boasted a 70 basis point increase in mass GGR, achieving a share of 15.9 percent, equivalent to a substantial US$999 million. This progress in mass gaming was matched with a rise in the VIP segment, where MGM China increased its stake by 3.0 percentage points, reaching 14.5 percent, which equates to US$121 million.
Galaxy Entertainment’s Notable VIP Gains
In contrast, Galaxy Entertainment Group Ltd marked the highest quarterly gain in VIP GGR. Throughout the last quarter of 2024, Galaxy Entertainment not only maintained but amplified its presence in the VIP market. The operator's mass market segment saw a modest increase of about 10 basis points, placing it at 19.4 percent, with revenues surpassing US$1.22 billion. However, it was in the VIP category where Galaxy Entertainment excelled, capturing an additional 6.2 percentage points, seizing 23.7 percent of the market share with an equivalent of US$199 million.
This marked a stark contrast with Sands China Ltd, which, as documented, shed the most market share in both mass and VIP segments during the fourth quarter. Sands China's mass operations diminished by 50 basis points, reducing its share to 24.3 percent, or just under US$1.53 billion. Similarly, in the VIP sector, the company faced a significant dip of 8.7 percentage points, lowering its share to 13.1 percent, or about US$110 million.
Comparative Market Performance Among Operators
Examining other operators, Melco Resorts & Entertainment Ltd modestly improved in the mass segment by 20 basis points from the previous quarter, capturing 14.3 percent of the market with revenues around US$900 million. Conversely, its VIP sector experienced a decline of 1.4 percentage points, settling at 18.2 percent or US$153 million. Wynn Macau Ltd maintained a steady course in mass gaming with 12.2 percent of the market share, amounting to US$768 million, while witnessing a 2.0 percentage point augmentation in its VIP segment, rising to 19.3 percent, or US$162 million in revenues.
On a different trajectory, SJM Holdings Ltd faced a decrement in its mass market GGR by 40 basis points over the quarter, reducing its share to 13.9 percent (about US$878 million), and a decline of 1.1 percentage points in VIP GGR, reaching 11.3 percent, or US$94 million. Despite these fluctuations, the overall trend remained positive, with Macau’s aggregated GGR from all gaming activities in the fourth quarter nearing MOP57.43 billion (US$7.17 billion). This impressive figure underlines the city's robust casino industry performance in spite of some individual discrepancies among operators.
Source: MGM China biggest 4Q gainer in mass GGR share with 15.9pct: Deutsche Bank, GGRAsia
Posted by Wizard
Mar 05 2025
Mar 05 2025
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