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

In a market recap published Friday after the last of Macau’s six concessionaires released their 3Q22 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$558 million EBITDA loss.

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