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Casino operator Sands China Ltd led the market in Macau in the second quarter, representing mass market and VIP gross gaming revenue (GGR) and adjusted earnings before interest, taxation, depreciation and amortization (EBITDA).

This is an analysis of SJM Holdings' interim results in Tuesday's note from banking group JPMorgan after Macau's second-quarter and first-half earnings season concluded.

JPMorgan said it estimated Sands China held 24.5% of the public table GGR after considering differences in how Macau regulators and operators report public market tables to VIP GGR divisions.

Nevertheless, a Tuesday memo from Deutsche Bank Securities showed that the Sands China in the second quarter was sequentially judged year-over-year as a "donor" of the bulk market share to rivals.

JPMorgan said Sands China accounted for 21.2% of VIP table GGR in the six pumping markets in the three months to June 30. Deutsche Bank estimated Sands China had "increased" its measured VIP share year-over-year and quarter-over-quarter.

As for the Holding Adjusted Real Estate EBITDA metric, JP Morgan said Sands China had a 28.9% market share from April to June. Sands China was a Holding Adjusted Real Estate EBITDA "donor" to competitors compared to the same period last year and the prior quarter, according to Deutsche Bank.

Sands China reported adjusted real estate EBITDA of $561 million in the three months to June 30 at the end of July. These EBITDAs were up 3.7% from a year ago but down 8.0% sequentially.

JPMorgan assessed that in the second quarter, Galaxy Entertainment Group ranked second in all three categories: MassTable GGR (18.9%), VIPTable GGR (21.0%), and Hold Adjusted EBITDA (20.9%).

Based on the second quarter's GGR, released by the Macau Gaming Inspection Coordination Bureau, the mass market segment, including slot machines, posted revenue of just under $43.12 billion ($5.36 billion) in MOPs. This represents 76.4% of the total GGR for the quarter.

VIP Bakara generated just over $13.31 billion in revenue between April and June, representing 23.6% of the GGR during the period, government data showed.

"Industry-wide GGRs rose sequentially by 2 percentage points to 78% of Q2 2019 levels," JPMorgan analyst Joe Greff, Samuel Nielsen and Ryan Lambert said in their second-quarter analysis

They also noted that "compared to 2019 levels of bulk table GGR, the recovery reported by the company was 116% sequentially up 1 point."

However, VIPs were only 23% in 2019, but that was "not changed sequentially" and slot GGR was 100% in 2019, a "sequential 1-point drop."