Galaxy And MGM China Lead Macau Market Share Gains In July, UBS Says

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%, putting it level with Sands China for the largest share of the market, while MGM China’s share increased to 17%.

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Monthly And Quarterly Shifts In Share

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. The market share for Sands China grew by 0.5% from the previous month to reach 23%, remaining essentially stable compared to what was recorded during the second-quarter. 

On the other hand, the estimated market share of Wynn Macau fell by 1.5% from June to 13%, being also 1.1% lower than the second-quarter’s value. UBS said that 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 1 percentage point month-on-month. Their estimated July shares stood at 13.5% and 10.5%, respectively.

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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.

Mass And VIP Run Rates Move In Opposite Directions

Based on UBS channel checks, the shifts came as the estimated daily run rate for Macau’s mass-market gross gaming revenue fell about 5% from the second quarter to MOP469 million, or $58.1 million, in July. VIP GGR moved in the opposite direction, with its daily run rate rising about 6% quarter-on-quarter to MOP184 million, or $22.8 million.

Macau’s total GGR reached MOP20.26 billion, or $2.51 billion, in July, down 8.4% year-on-year but up 9.4% from June, according to data from the Gaming Inspection and Coordination Bureau. The mixed performance across mass and VIP segments helped reshape the competitive landscape among operators during the month.

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Source: Asia Gaming Brief