6 November, 2023

Facing Facts: Macau Operators' Revenue and adjusted EBITDA

Gambling Insider compares statistics from Macau and its prominent operators from April to September 2023, looking into the findings of Q2 reports and what this means for the industry. We also look at Galaxy Entertainment and Las Vegas Sands' Macau resorts exclusively and in detail during this same period. All values are in USD, based on the latest exchange rates

Macau revenue over the past six months (adjusted from MOP to USD)

Source: Company reports

• The growth of Macau’s market over the past six months has put its revenue ahead of Nevada’s, with revenue in September 2023 reflecting a 400%+ increase from September 2022 (despite it falling from August).

• Since Covid-19 closures, the casino market has experienced exponential growth, re-invigorating Macau's economy.

Q2 net revenue by operator in Macau

Source: Company reports

• Las Vegas Sands’ Q2 net revenue accounts for its five Macau properties, the most of any operator in Macau.

Macau H1 adjusted property EBITDA by resort

Source: Company Reports

• Melco, Wynn and MGM China tied closely in H1 adjusted property EBITDA, having less than $35m between them.

• Las Vegas Sands’ five Macau resorts pulled in more in H1 than Galaxy Entertainment and MGM China combined by less than one million. This is in spite of these two resorts having a collective six resorts in Macau between them.

Macau Q2 adjusted property EBITDA by resort

Source: Company Reports

• Of Melco’s four Macau properties, three properties, Altira Macau, Studio City and City of Dreams, are operating at a profit, compared to a loss this quarter last year. This growth in business may reflect the wider recovering market following the blows taken by many operators during Covid-19 closures.

H1 net revenue by operator (Macau operations only)

Source: Company Reports

• Between its five venues, the biggest contributing venue to Las Vegas Sands’ H1 net revenue was The Venetian Macau, which generated $1.21bn.

• The lowest contributing venue to Las Vegas Sands’ H1 net revenue was Sands Macau. However, its $158m contribution reflects a $121m increase from H1 last year.

Q2 Las Vegas Sands’ Macau adjusted property EBITDA

Source: Company Reports

• The Plaza Macao and Four Seasons Macao accounted for 41% of adjusted property EBITDA - a 19% increase compared to this time last year, when it was responsible for 22% of revenue. Despite this, the income of the property compared to Q2 2022 has almost tripled.