Macau concessionaires reported combined US$558m EBITDA loss in Q322: Deutsche Bank

Macau’s gaming concessionaires reported combined property EBITDA losses of US$558m in the three months to 30 September 2022, according to data compiled by Deutsche Bank Securities.


This story originally appeared on Inside Asian Gaming, Clarion Gaming's lead Asian media partner.

In a market recap published Friday after the last of Macau’s six concessionaires released their Q322 results, Carlo Santarelli – managing director of Deutsche Bank’s Gaming & Lodging Research – said industry margins had fallen by 65% versus 3Q19 on an 89% decline in net revenue, resulting in the US$558m EBITDA loss.

Analysts had previously predicted EBITDA losses in the vicinity of US$600m.


GGR compared to the pre-COVID period declined by 70% year-on-year and 92% compared with Q3 2019 in the VIP segment, with mass down 66% on Q3 2022 and 89% on Q3 2019, while VIP was down 86% and 98% respectively.

According to Santarelli, SJM, Sands China and Wynn Macau gained market share in mass gaming while Sands China and Melco Resorts were gainers in VIP.

Galaxy Entertainment Group was the last of the six concessionaires to report its Q3 results, reporting a US$74m EBITDA loss on a 75% year-on-year decline in gaming revenues.

Macau’s Gaming Inspection and Coordination Bureau (DICJ) had previously announced industry-wide GGR from games of fortune of MOP$5.55bn (US$689m) in the three months to 30 September 2022, with VIP baccarat contributing just 20.8% of all Macau GGR for the quarter.