MGM China and Sands China were found to have the most efficient staff in their respective regions in Macau, according to a recent report from Morgan Stanley.
Analysts compared all the operators based on company EBITDA to average number of staff ratio, and found that MGM China generated a higher EBITDA per person employed than Wynn Macau in the Macau Peninsula region. Historically, Wynn employees generated the highest EBITDA in Macau due to their higher pay. Morgan Stanley says apart from higher efficiency, the performance could be a result of a higher number of rooms at Wynn than MGM China.
In Cotai, Sands was found to be more efficient than Galaxy, due to help from a higher ROIC mass business. “ It also has bigger retail business, which is less staff intensive and carries higher margin. One thing is clear – Galaxy has a lot of room to improve and catch up with industry leaders, and thus could see potential margin expansion in future,” said analysts.
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