Macau casinos: MGM China posts revenue of US$929m for Q3

Revenue was up 14 per cent in year-on-year terms but down 9 per cent sequentially.

Macau.- MGM China has shared its financial results for the third quarter of the year. Net revenue was HK$7.25bn (US$929m), up 14 per cent year-on-year but down 9 per cent sequentially.

Casino revenue was up 12 per cent year-on-year to US$800m. The main floor table games drop was US$3.4m, reflecting a 4 per cent increase when compared to the third quarter of 2023. The main floor table games win was US$858m, up 21 per cent year-on-year.

The casino operator reported record property earnings before interest, taxes, depreciation, amortisation and restructuring (EBITDAR) of HK$1.98bn (US$237m), up 8 per cent year-over-year but down 19 per cent on the second quarter of the year. According to the company, the current quarter was “positively affected by the recovery of operations after the removal of Covid-19 related travel and entry restrictions in the first quarter of 2023.”

MGM Macau’s revenue reached HK$3.04bn (US$391.24m), up 6 per cent year-over-year. The main floor table games drop was HK$13.53bn (US$1.73bn), reflecting a 3.92 per cent increase when compared to the third quarter of 2023. VIP table games turnover per cent was down 10.27 per cent year-over-year to HK$7.67bn (US$982.82m). The slot machine handle was HK$7.06bn (US$904.65m), up 9.34 per cent year-over-year.

The venue saw adjusted EBITDA fall by 9 per cent year-on-year to HK$801.5m (US$103m). The room occupancy rate rose to 95 per cent. The company operated 339 gaming tables and 990 slot machines at the property during the quarter.

MGM Cotai reported revenue of HK$4.21bn (US$542m), up 20.7 per cent when compared to the third quarter of 2023. The main-floor table games drop was HK$13.31bn (US$1.71bn), up 3.67 per cent year-over-year. VIP table games turnover was HK$15.03bn (US$1.93bn), down 7.49 per cent when compared to the third quarter of 2023. The slot machine handle was HK$7.54bn (US$966.16m), up 27.79 per cent year-over-year.

Adjusted EBITDA was HK$1.18bn (US$152.2m), up 17.7 per cent in year-on-year terms. The room occupancy rate rose to 93.9 per cent. The company operated 411 gaming tables and 983 slot machines during the period.

Kenneth Feng, president and executive director of MGM China said: “We are delighted to see the recovery in Macau, along with the diversification development of the city. We are committed to developing Macau into a global and diversified tourist destination through our concession commitments.

“Meanwhile, we are also investing in several capital improvements across our properties. These initiatives include the renovation of our MGM MACAU villas and converting some hotel rooms at MGM COTAI into suites. We are also preparing the upcoming launch of our residency show ‘Macau 2049′ by the end of this year. We are devoted in enhancing the stay for our customers, driving organic visitation and bringing in unique experience for Macau visitors.”

MGM China launches Hengqin-Macau cultural tourism programme

MGM China has announced a new partnership agreement with Macau’s Labour Affairs Bureau to launch the Hengqin-Macau Cultural Tourism New Quality, New Productivity Training Programme with support from the Livelihood Affairs Bureau of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin.

The casino operator said the initiative encourages employees to understand tourism development within the Cooperation Zone and nationally, keeping them informed of market trends with the aim of keeping up with new skills and technologies. The programme also seeks to boost collaboration between the cultural tourism sectors of Hengqin and Macau.

See also: MGM China makes it to Hang Seng Corporate Sustainability Benchmark Index for a third year