CASINO OCT17 P_Layout 1 20/10/2017 08:35 Page 1
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MACAU BUSINESS By Paolo A. Azevedo
Mixed trends amid industry plateau
M
arket leader Sands China saw a slight erosion of its GGR market share in the first three months of the year, alongside a drop in Adjusted Property EBITDA both year-on-year and quarter-on-quarter. While its GGR market share declined by only 0.4 percentage points from the previous quarter, its share of overall Adjusted EBITDA fell from 30 per cent to 27.7 per cent.
Another US-based operator, Wynn Macau, experienced a similar outcome, reporting declines in earnings both sequentially and annually. As a result, it dropped from third
With industry-wide gross gaming revenue (GGR) plateauing in the fi rst quarter, the SAR’s ‘Big Six’ casino operators experienced different trends.
Jeju will be as big as Singapore in terms of Gross Gaming Revenue, predicts Lawrence Teo. The Chief Operations Officer and Vice President of Dream Tower, the tallest Integrated Resort under construction on the Korean destination island, explains to Macau Business why Lotte Tour decided to enter the casino business and create a landmark. All bets are on making the casino resort the crown of the tourism jewel the company has been dominating for four decades
Jeju – the new Singapore
place (in both the first and fourth quarters of 2024) to fifth in the January–March 2025 period in terms of EBITDA ranking. MGM China also recorded a year-on-year earnings decline but saw growth compared with the final quarter of 2024. The company’s post-pandemic momentum continued, with its EBITDA performance 46 per cent above that of the first quarter of 2019. Among the ‘Big Six’, MGM is the only operator to have surpassed pre-pandemic levels in both GGR and EBITDA.
Among the remaining concessionaires, Melco Resorts & Entertainment came closest
to 2019 levels in its Macau operations, achieving 86 per cent of both Adjusted EBITDA and GGR recorded in the first quarter of 2019.
In the first quarter of 2025, Lawrence Ho’s company posted EBITDA increases both year-on-year and quarter-on-quarter. As a result, Melco moved up from fourth to third in GGR market share and from fifth to fourth in the EBITDA ranking.
Another standout in the first quarter was Galaxy Entertainment Group (GEG), which retained its second-place position with a GGR market share 3.7 percentage points
M 34 JUNE 2025
acau Business – From Lotte World, a major recreational complex [with the world’s largest indoor theme park, in Seoul] to an integrated resort with casino in Jeju. A different beast. A
natural evolution? Lawrence Teo – Business is the same. But building
a landmark. M. B. – The group [Lotte] has created other landmarks in different types of business. Why would this be different?
to do the Dream Tower in Jeju. Lotte here is being just a family company; we’re a different company [Lotte Tour]. It’s not going to be [just] the tallest and the largest building in Jeju, that’s just the hardware. We say that a landmark should be the most visited destination, where tourists will go to eat, shop and maybe [visit] our observation deck. A must-visit point destination. Because of the hardware, and also the software.
M. B. – What are the main goals that you definitely
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