Macau Q4 EBITDA share update
Our calculations show Macau 2010 gaming EBITDA was close to US$4BN, almost doubling that of 2009. For some perspective, Las Vegas Strip EBITDA in FY 2010 (ended in June) was US$1.6BN. Macau’s Q4 EBITDA was 20% higher than Q3. As the charts below show, EBITDA market share had major shifts in Q4 2010.
The standout loser was LVS, giving up more than 5% in EBITDA share, mostly to WYNN and MGM. This is somewhat surprising since this is Sheldon Adelson’s favorite Macau metric. LVS’s Q4 EBITDA share loss was primarily attributed to relatively poor top-line performance, with lower table rev share (particularly VIP) and lower VIP Rolling Chip share.
If the Macau gaming market continues its stellar run in 2011, these EBITDA market dynamics may not mean much. But for now, it’s interesting to see who’s getting a bigger or smaller chunk of the burgeoning cash pie in Macau.