{"id":8721,"date":"2025-03-07T13:48:56","date_gmt":"2025-03-07T13:48:56","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=8721"},"modified":"2025-03-07T13:49:00","modified_gmt":"2025-03-07T13:49:00","slug":"deutsche-bank-sees-macau-operators-margins-tighten-in-q4-2024","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2025\/03\/07\/deutsche-bank-sees-macau-operators-margins-tighten-in-q4-2024\/","title":{"rendered":"Deutsche Bank Sees Macau Operators\u2019 Margins Tighten in Q4 2024"},"content":{"rendered":"\n<p><strong>Macau\u2019s gambling operators<\/strong> saw their margins tighten in the fourth quarter of 2024. The industry-wide margin was 27.2%, down from 27.9% in the September quarter, from 29.0% a year earlier and from 29.8% in Q4 2019.<\/p>\n\n\n\n<p>This led to a 2% year-on-year decline in real estate EBITDA to $1.9 billion, while operating expenses related to non-gaming taxes rose 8% compared with just 4% year-on-year growth in betting revenue, according to an analysis by Carlo Santarelli of <strong>Deutsche Bank<\/strong>.<\/p>\n\n\n\n<p>Providing an overview of the Macau market after the last of the city\u2019s six concessionaires reported their fourth-quarter financial results on Tuesday, Santarelli noted that overall industry GGR grew 6% year-on-year in Q4 2024, with VIP GGR up 11% and mass GGR up 6%.<\/p>\n\n\n\n<p>Qualitative metrics summarize Q4 2024 at a high-level aggregate based on company-reported numbers, he explained.<\/p>\n\n\n\n<p>In the mass market, <strong>SJM, Galaxy and Melco<\/strong> increased share compared to Q4 2023. <strong>Sands, Wynn and MGM<\/strong> all declined. Meanwhile, SJM and Galaxy were the only ones to grow in VIP.<\/p>\n\n\n\n<p>Total chip rolling volume increased 1% year-on-year, although total VIP segment revenue increased 11% at 3.00%, up about 27 basis points from the previous year.<\/p>\n\n\n\n<p>Macau <strong>DICJ <\/strong>previously reported industry gross domestic revenue of MOP57.6 billion in Q4 2024, up from MOP54.3 billion in Q4 2023.<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macau\u2019s gambling operators saw their margins tighten in the fourth quarter of 2024. The industry-wide margin was 27.2%, down from 27.9% in the September quarter, from 29.0% a year earlier and from 29.8% in Q4 2019. This led to a 2% year-on-year decline in real estate EBITDA to $1.9 billion, while operating expenses related to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,1,564],"tags":[3479,9150,9282,11822,2757,9470,9513,11824,11823,9803],"class_list":["post-8721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling","category-news","category-slider","tag-analysis","tag-deutsche-bank","tag-dicj","tag-galaxy","tag-macau","tag-melco","tag-mgm","tag-sands","tag-sjm","tag-wynn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Deutsche Bank Sees Macau Operators\u2019 Margins Tighten in Q4 2024 - SBC EURASIA EN<\/title>\n<meta name=\"description\" content=\"Macau\u2019s gambling operators saw their margins tighten in the fourth quarter of 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2025\/03\/07\/deutsche-bank-sees-macau-operators-margins-tighten-in-q4-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deutsche Bank Sees Macau Operators\u2019 Margins Tighten in Q4 2024 - 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