Retendering21-22

 dez25 Macau’s casino industry is poised for a decade of meaningful profitability expansion, with industry-wide adjusted EBITDA to gross gaming revenue ( GGR ) margins expected to rise from 27.6 percent in 2024 to 33.7 percent in 2034, according to  Morningstar ’s latest outlook. The firm attributes the improvement to a sustained shift toward higher-margin mass-market play, rising operating efficiency, and a regulatory environment that constrains supply and supports industry-wide economics. Morningstar Senior Equity Analyst Jennifer Song Jennifer Song , senior equity analyst at Morningstar, projects industry-adjusted EBITDA to grow at a compound annual rate of 6.2 percent through 2034, outpacing the expected 4.2 percent compound annual growth rate (CAGR) in GGR during the same period. The research notes that longer-term operating leverage—particularly as mass volumes expand—will be central to margin enhancement. While promotional intensity has increased in the near term amid h...

dez26 Banking giant Citigroup is forecasting Macau’s gross gaming revenues to rise 6% and EBITDA by 10% year-on-year in 2026, driven by big name concerts, the addition of luxurious hotel suite supply and the addition of new baccarat side bets. This will ensure Macau remains the “top travel destination for the affluent mainland Chinese visitors who seek a total experience,” said Citi analysts George Choi and Timothy Chau in a Thursday note. A 6% increase would see gaming revenues reach around MOP$263.5 billion (US$33.0 billion) – representing 90% of pre-COVID levels. “We expect concerts to drive growth in visitation and premium players’ per-capita spending (as they need to check-in cash to the casinos to secure hot concert tickets), new hotel suites to increase average length of stay and the increasing popularity in new side bets to further boost hold rates,” Citi said. “We forecast industry EBITDA to grow 10% year-on-year, with EBITDA margins holding up at around 29% – largely flat yea...

 dez25 No último ano, o valor acrescentado bruto (VAB) das actividades económicas não-relacionadas com o jogo fixou-se em 218 mil milhões de patacas, correspondendo a um decréscimo anual de 1,35%. Representando 56,7% de todos os ramos de actividade, o VAB registado em 2024 foi cinco pontos percentuais inferior ao peso atingido em 2023 (61,7%). No cômputo geral, o VAB de todos os ramos cifrou-se em 385 mil milhões de patacas, o que significa um aumento anual de 8,2%. De acordo com a Direcção dos Serviços de Estatística e Censos (DSEC), o VAB do jogo cresceu 22,5% para 167 mil milhões de patacas. Nesse intervalo de tempo, o peso do sector do jogo cresceu 4,9 pontos percentuais, para 43,3%. A seguir à indústria do jogo, a administração pública, a educação, a saúde e outros serviços sociais foram o ramo que mais contribuiu para o VAB, perfazendo 11,9% do total, no ano transacto. Seguiram-se as “actividades imobiliárias” (10,2%), os “bancos e seguros” (7.9%), o “comércio por grosso e a ...

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