Macau’s gaming concessionaires reported combined Property EBITDA losses of US$558 million in the three months to 30 September 2022, according to data compiled by Deutsche Bank Securities.
In a market recap published Friday after the last of Macau’s six concessionaires released their 3Q22 results, Carlo Santarelli – Managing Director of Deutsche Bank’s Gaming & Lodging Research – said industry margins had fallen by 65% versus 3Q19 on an 89% decline in net revenue, resulting in the US$558 million EBITDA loss.
Analysts had previously predicted EBITDA losses in the vicinity of US$600 million.
GGR compared to the pre-COVID period declined by 70% year-on-year and 92% compared with 3Q19 in the VIP segment, with mass down 66% on 3Q21 and 89% on 3Q19 while VIP was down 86% and 98% respectively.
According to Santarelli, SJM, Sands China and Wynn Macau gained market share in mass gaming while Sands China and Melco Resorts were gainers in VIP.
Galaxy Entertainment Group was the last of the six concessionaires to report its Q3 results, reporting a US$74 million EBITDA loss on a 75% year-on-year decline in gaming revenues.
Macau’s Gaming Inspection and Coordination Bureau (DICJ) had previously announced industry-wide GGR from games of fortune of MOP$5.55 billion (US$689 million) in the three months to 30 September 2022, with VIP baccarat contributing just 20.8% of all Macau GGR for the quarter.
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