Macau Reports Record-Breaking Q2 GGR for Casinos Since Post-Pandemic Reopening
Thursday 10 de July 2025 / 12:00
⏱ 1 min read
(Macau).- Macau's casino sector saw an 8% jump in gross gaming revenue last quarter, fueled by strong industry momentum, according to a recent analysis from Citigroup. The anticipated year-over-year growth is anchored in a solid 3% increase in overall EBITDA across the industry.
“We are encouraged to see Macau generating positive growth in both GGR and potentially EBITDA despite geopolitical tensions and economic uncertainties,” analysts George Choi and Timothy Chau wrote.
Explaining the reason behind a “unfavourable revenue mix” that could have resulted in lower industry EBITDA growth, the analysts stated that the concerts heavily publicised by casino operators typically appealed to premium mass and VIP players who had received complimentary perks — a scenario that could erode profit margins.
“The slightly unfavourable revenue mix will likely lead to a minor reduction in industry EBITDA margin (on our estimates, down 60 basis points to 27.3%),” the report noted.
The second quarter of 2025, as the report highlighted, turned out to be exceptional — “the quarter with the highest GGR since reopening”. This quarter alone generated MOP61 billion (US$7.57 billion) in GGR.
Industry-wide EBITDA for that quarter could have increased by 3 per cent year-on-year to US$2.045 billion, or 3 per cent sequentially.
Market share
MGM China appeared to have gained the most market share in the second quarter, up 0.9 percentage points quarter-on-quarter to 16.8 per cent.
Galaxy is believed to have added 0.6 percentage points sequentially, reaching 20.3 per cent.
Meanwhile, SJM Holdings suffered the most among the six major gambling operators, shedding 1.4 points to 12.3 per cent.
The remaining three saw market share changes of less than 0.5 percentage points.
Categoría:Reports
Tags: Sin tags
País: Macao
Región: Asia
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