With 1Q25 earnings season just around the corner, Citigroup analysts expect Macau’s concessionaires to report a combined 6% year-on-year decline in industry EBITDA for the quarter to around US$1.92 billion.
According to George Choi and Timothy Chau, the EBITDA decline will be driven by increase industry opex due to incremental costs associated with new supply launched – especially at Sands China’s The Londoner Macao – while some operators also seem to have suffered from less favorable hold.
That’s despite GGR remaining relatively flat year-on-year at MOP$57.7 billion (US$7.19 billion) and player reinvestment levels staying at “reasonable levels”.
