Macau’s gaming operators saw margins squeezed in the three months to 31 December 2024, with industry-wide margins of 27.2% down from 27.9% in the September quarter, from 29.0% a year earlier and from 29.8% back in 4Q19.
This saw Property EBITDA fall 2% year-on-year to US$1.90 billion, with non-gaming tax related operating expenses up 8% versus only 4% year-on-year bet revenue growth, according to analysis by Deutsche Bank’s Carlo Santarelli.
Providing a Macau market recap after the last of the city’s six concessionaires reported their Q4 financials on Tuesday, Santarelli noted that total industry GGR was up 6% year-on-year in 4Q24, with VIP GGR rising 11% and mass GGR by 6%.
