Macau gaming operator Sands China has maintained its leadership in the city’s gaming industry, holding a 24.5 percent gross gaming revenue (GGR) market share in 2Q24.
According to data provided by Deutsche Bank, Sands China lost some market share in the mass segment, dropping from 25.6 percent in 1Q24 to 24.9 percent by the end of 2Q24.
Despite this, the operator gained ground in the VIP segment, with its market share increasing from 14.2 percent in 1Q24 to 21.1 percent in 2Q24.
Sands China is the only one of the six gaming operators with a market share above 20 percent. This success is attributed to its strong hotel room inventory and retail offerings across various integrated resorts in the Cotai Strip.
Galaxy Entertainment Group (GEG) ranked second with a 19.1 percent GGR market share.
GEG achieved market share gains both quarter-over-quarter and year-over-year. The company holds an 18.8 percent share in the mass segment, while its VIP business slightly edged out Sands China, also holding a 21.1 percent share.
According to data derived from the financial results of the six gaming operators, the rising star MGM, which benefited from adding more gaming tables earlier last year, captured a 16.1 percent GGR share. Although this figure was up year-over-year, it declined sequentially.
Meanwhile, Melco slightly outpaced Wynn and SJM, securing a 14.9 percent GGR share in 2Q24.
Both Wynn and SJM held a 12.7 percent share, placing them last among industry peers.
Deutsche Bank notes that the total industry GGR in 2Q24 increased by 24 percent year-over-year. However, the figure remains 23 percent below the same period in 2019.
Mass GGR in 2Q24 was up 29 percent from the previous year, while VIP GGR declined by 3 percent year-over-year.
Industry margins were 28.2 percent in 2Q24, compared to 29.3 percent in 2Q19. Net revenue was down 14 percent from 2Q19 levels, while non-gaming tax-related operating expenses were up 1 percent compared to 1Q19.
