MGM China announces Q4 and full year 2024 results
Total revenue was up 27.2 per cent year-on-year.
Macau.- MGM China has shared its financial results for the financial year 2024. It posted net revenue of HK$31.4bn (US$3.92bn), up 27.2 per cent from the HK$24.7bn (US$3.2bn) posted in 2023, and up 138 per cent when compared to 2019, before the Covid-19 pandemic.
The casino operator recorded adjusted EBITDA of HK$9.06bn (US$1.13bn), up 25.2 per cent in year-on-year terms. This represented 147 per cent of 2019. MGM China had a market share of 15.8 per cent, up from 15.2 per cent in 2023 and 9.5 per cent in 2019. MGM COTAI’s market share was 9.3 per cent and MGM Macau’s was 6.5 per cent.
Hotel occupancy reached 94 per cent, up from 92.5 per cent in 2023. Property visitation grew 54 per cent year-on-year and reached 163 per cent of 2019 levels. Daily GGR was up 29 per cent to 129 per cent of 2019. Mass GGR (including slots) was up 33 per cent and reached 179 per cent of pre-Covid-19 levels.
For the fourth quarter of the year, the casino operator posted net revenue of HK$7.92bn (US$1.01bn), up 3.16 per cent year-on-year and up 7.2 per cent sequentially. Adjusted EBITDA stood at HK$2.12bn (US$266m), down 2.9 per cent year-on-year but up 7.2 per cent compared to the third quarter.
MGM Macau recorded net revenue of HK$3.34bn (US$428.87m), up 9.44 per cent in year-on-year terms, and adjusted EBITDA of HK$910.64m (US$116.9m), up 10.4 per cent. MGM Cotai posted net revenue of HK$4.58bn (US$587.81m), down 1 per cent year-on-year while adjusted EBITDA was down 11 per cent compared to 2023 to HK$1.21bn (US$156.06m).
The main floor table games drop at MGM Macau was HK$13.8bn (US$1.78bn), down from HK$14.36bn (US$1.85bn) a year earlier. The main floor table games drop at MGM Cotai was HK$14.04bn (US$1.81bn), down from HK$15.02bn (US$1.94bn). VIP table games turnover was down 16.6 per cent year-on-year to HK$23.45bn (US$3.02bn) at MGM Cotai and down 39 per cent to HK$5.53bn (US$0.71bn) at MGM Macau.
Kenneth Feng, president, strategic and chief financial officer of MGM China said: “We are exhilarated to have nearly 500,000 visitors to date to our Poly MGM Museum, and a ticket sale of over 42,000 for Macau 2049. Through the offering of these one-of-the-kind IP experiences, we are dedicated to drive non-gaming revenues and visitation to Macau, promoting cultural tourism and economic diversification.
“Outside our properties, MGM China goes beyond leveraging our cultural tourism strengths and joins effort to revitalise local district in Macau. The Group has introduced a series of art exhibitions, workshops, retails and leisure activities in the world heritage A-Ma Temple area to enhance community engagement efforts in the Barra district, driving the area’s future development.
“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.”
