Galaxy Entertainment Group and MGM China recorded the largest estimated market share gains among Macau’s six gaming operators in July, with each adding about 1.5 percentage points from the previous month, according to UBS.
Galaxy’s estimated share rose to 23 percent, putting it level with Sands China for the largest share of the market. MGM China’s share increased to 17 percent.
Compared with the second quarter, Galaxy gained about 2.1 percentage points, while MGM China’s share was broadly stable, rising 0.1 percentage points.
Sands China gained 0.5 percentage points month-on-month to 23 percent, leaving its share largely unchanged from the second-quarter level.
In contrast, Wynn Macau’s estimated market share fell 1.5 percentage points from June to 13 percent. Its share was also 1.1 percentage points below the second-quarter level.
UBS said the decline could partly be due to the normalization of Wynn’s elevated mass table hold rate during the second quarter.
Melco Resorts & Entertainment and SJM Holdings each lost approximately one percentage point month-on-month. Their estimated July shares stood at 13.5 percent and 10.5 percent, respectively.
The brokerage said Galaxy and MGM China were tracking above consensus market share estimates for the third quarter, while Sands China and Melco were running below expectations.
Based on UBS channel checks, the shifts came as the estimated daily run rate for Macau’s mass-market gross gaming revenue (GGR) fell about 5 percent from the second quarter to MOP469 million ($58.1 million) in July.
VIP GGR moved in the opposite direction, with its daily run rate rising about 6 percent quarter-on-quarter to MOP184 million ($22.8 million).
Macau’s total GGR reached MOP20.26 billion ($2.51 billion) in July, down 8.4 percent year-on-year but up 9.4 percent from June, according to data from the Gaming Inspection and Coordination Bureau (DICJ).
