Macau’s gross gaming revenue (GGR) is estimated to have reached approximately MOP10.1 billion ($1.26 billion) for the first 17 days of November, implying a daily run-rate of MOP594 million ($74.4 million), according to the latest weekly update from Bank of America.
Industry checks indicate that the average daily revenue (ADR) for the period from November 11th to 17th stood at MOP630 million ($78.9 million), a noticeable increase from MOP570 million ($71.4 million) during the first ten days of the month.
This uptick comes despite disruptions caused by adverse weather conditions, including a typhoon, and the added pressure from the Grand Prix, which often diverts attention away from the gaming sector.
Several typhoons have impacted Macau and the surrounding areas in recent weeks, causing temporary disruptions, including the suspension of ferry operations between Macau and surrounding cities and the closure of the Hong Kong–Zhuhai–Macau Bridge.
With positive momentum observed so far this month, Macau’s gaming revenue appears set to meet Bank of America’s forecast for November, which predicts total GGR to reach MOP18 billion ($2.25 billion). This would represent a 12 percent year-on-year increase, bolstered by a relatively low base from last year.
A closer look at the revenue performance reveals mixed results across different segments. VIP revenue declined by 12-14 percent month-on-month, with the win rate returning to normal levels after being below average during the first ten days of November. Meanwhile, mass-market revenue was down by 10 percent MoM, reflecting softer demand in this segment.
Despite some headwinds, Macau’s gaming sector remains attractively valued. Bank of America remains optimistic about key operators, highlighting Galaxy Entertainment for its strong balance sheet and consistent market share.
Additionally, Sands China is seen as a potential winner in 2025, with expected margin improvement following the completion of renovations at The Londoner Macao and the possible resumption of dividends.
SJM shows GGR share gain in 3Q24
In 3Q24, Macau’s gaming sector saw a slight dip in EBITDA, which fell 2 percent quarter-on-quarter, despite an 8 percent year-on-year growth. This QoQ drop was primarily attributed to higher non-gaming spending and a still-high reinvestment rate. However, most operators noted that competitive intensity appeared to have stabilized.
SJM was the standout performer during the quarter, becoming the only operator to gain market share in terms of GGR. Its GGR share increased by 1.4 percentage points, reaching 14 percent, which was aided by favorable luck. This improvement allowed SJM to climb to the No. 5 position, displacing Wynn Macau. Meanwhile, Sands continued to maintain the largest share of EBITDA at 31 percent.
Despite the quarterly setback, the sector’s overall EBITDA remains resilient, showing positive year-on-year growth and reflecting continued recovery and adaptation in the competitive gaming landscape.
