Macau concerts boost gaming market share, Citigroup says

Control of major arenas is giving some Macau casino operators an edge.

Macau.- Some casino operators’ market share is benefiting from Macau’s concert line up, Citigroup says. The bank’s analysts highlight that operators hosting top-tier concerts at their own venues are gaining a competitive advantage that translates into higher premium-mass play.

Citigroup notes that event-hosting operators typically receive up to 50 per cent of the best seats from promoters. These are then offered to premium players, who must commit to checking in a predetermined amount of cash. With the remaining five concessionaires forced to split the leftover top-tier seats, hosting operators can boost their gaming market share.

The bank cites the example of cantopop star Jacky Cheung’s nine sold-out shows at the 15,000-seat Galaxy Arena. Galaxy Entertainment Group saw GGR market share climb to 20.5 per cent, and margins to 29.6 per cent.

Hosting major events also helps operators fulfil their non-gaming investment commitments for the 2023–2032 concession period, aligning with the government’s push to position Macau as a “City of Entertainment.”

Due to regulatory constraints in mainland China, Macau has become a key destination for K-pop concerts, with appearances rising from 9 in 2023 to 59 so far this year. Despite ticket prices being significantly higher than in the mainland, most shows continue to sell out.

Citigroup sees Galaxy Entertainment, Sands China, Damai, and Tencent Music Entertainment as particularly well-positioned to benefit from the growth of Macau’s live-event sector thanks to their control of major arenas, ticketing platforms and promoter partnerships.

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Control of major arenas is giving some Macau casino operators an edge. Macau.- Some casino operators’ market share is benefiting from Macau’s concert line up, Citigroup says. The bank’s analysts…