MGM China posts revenue of US$1.02bn for Q2
Adjusted property EBITDAR was US$312.72m.
Macau.- MGM China Holdings has shared its financial results for the second quarter of the year. Net revenue was HK$7.95bn (US$1.02bn), up 37 per cent year-over-year and slightly down on the HK$8.3bn reported in the first quarter.
The casino operator reported record property earnings before interest, taxes, depreciation, amortisation and restructuring (EBITDAR) of HK$2.44bn (US$312.7m), up 39.8 per cent year-over-year. The company attributed the result to the continued ramp-up of operations after the removal of Covid-19-related travel restrictions in the first quarter of 2023. Property visitation reached 156 per cent of 2019 levels.
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MGM Macau’s revenue reached HK$3.26bn (US$417.3m), up 26.45 per cent year-over-year but down 3.6 per cent sequentially. The main floor table games drop was HK$14.33bn (US$1.83bn), reflecting a 22.22 per cent increase when compared to the second quarter of 2023. VIP table games turnover declined by 1.7 per cent year-over-year to HK$8.31bn (US$1.06bn). The slot machine handle was HK$7.38bn (US$945.38m), up 32.32 per cent year-over-year.
The venue saw adjusted EBITDA of HK$984.2m (US$125.97m), a decrease from HK$1.1bn (US$140.6m) in the first quarter of 2024 but up 27.66 per cent in year-on-year terms. The room occupancy rate rose to 94.8 per cent.
MGM Cotai reported revenue of HK$4.6bn (US$601.5m), up 45.46 when compared to the second quarter of 2023 but down from HK$4.8bn (US$613.6m) in Q1 2024. The main-floor table games drop was HK$15.65bn (US$2bn), up 45 per cent year-over-year. VIP table games turnover was HK$23.62bn (US$3.02bn), down 1.5 per cent when compared to the second quarter of 2023. The slot machine handle was HK$7.31bn (US$936.3m), up 38 per cent year-over-year.
Adjusted EBITDA was HK$1.45bn (US$186.75m), up 50 per cent in year-on-year terms and up 3.57 per cent sequentially. The room occupancy rate rose to 94.2 per cent in the second quarter.
Kenneth Feng, president and executive director of MGM China said: “We are delighted to see our continuous growth and outperformance driven by our deep understanding and customers and our ability to adapt swiftly to their preferences.
“We are committed to bringing more unique and integrated experiences to our customers, to align our offerings with the Macau Government’s vision to develop the city into a global and diversified tourist destination.”
Bill Horbuckle, CEO and President of MGM Resorts International said: “MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China Adjusted Property EBITDAR and further growth in Las Vegas where our Marriott relationship continues to exceed expectations and our meetings and convention business continues to strengthen thanks to our recently completed remodel of Mandalay Bay.”
