Galaxy takes largest gaming market share

Pedestrians walk in front of the Bank of China Ltd. building, left, and the Casino Grand Lisboa, operated by SJM Holdings Ltd., in Macau, China, on Thursday, March 12, 2015. The six main casino operators -- Sands China Ltd., Galaxy Entertainment Group Ltd., Wynn Macau Ltd., SJM Holdings, MGM China Holdings Ltd. and Melco Crown Entertainment Ltd. -- lost $89 billion in market value over the past year, according to data compiled by Bloomberg. Photographer: Billy H.C. Kwok/BloombergThe Casino operator, Galaxy Entertainment Group Ltd, took the largest market share of Macau’s Gross Gaming Revenue (GGR) in October, according to broadcaster TDM. The group attained a 24.7 percent market share in October ahead of its closest rivals Sands Ltd (23.1 percent) and SJM Holdings Ltd (20.6 percent).
Galaxy Entertainment Group moved up 350 basis points compared with September, while Sands China was up by 180 basis points. Meanwhile, SJM Holdings was down by 110 basis points compared with the previous month.
October was the 17th consecutive month of GGR contraction, but it remained the best monthly result for the industry since May. Compared with Macau’s GGR for October 2014, last month was down by 28.4 percent year-on-year to MOP 20.06 billion, according to data from the government.
According to analysts from Japanese brokerage firm, Nomura, SJM Holdings is likely to continue to lose market share until the opening of the Lisboa Palace in late 2017. The analysts accredit this to the recent openings or planned openings of SJM’s rivals.
“SJM continues to lose market shares, in our view, as new openings take market share from weaker casino properties like Casino Lisboa and SJM satellite casinos,” said analysts.
On Tuesday, SJM said that its gaming revenue accounted for 21.3 percent of Macau’s market share for the third quarter of 2015, down from 22.5 percent compared with the same quarter of the previous year.
As for other operators in Macau, Melco Crown Entertainment Ltd holds 13.5 percent of market share, down 100 basis points month-on-month, while Wynn Macau Ltd recorded a month-on-month rise of 90 basis points (9.3 percent share), and MGM China Holdings Ltd was down 250 basis points (8.7 percent share).

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