MGM China posts revenue of US$1.06bn for Q1

MGM China posts revenue of US$1.06bn for Q1

The company reported record-high adjusted EBITDA of HK$2.5bn (US$320m).

Macau.- MGM China has shared its financial results for the first quarter of the year, posting net revenue of HK$8.3bn (US$1.06bn). The figure was up 70.6 per cent in year-on-year terms and was 143 per cent of pre-Covid-19 figures.

The casino operator reported record-high positive adjusted EBITDA of HK$2.5bn (US$320m). That’s a 77.3 per cent rise compared to the first quarter of 2023 and 155 per cent of the first quarter of 2019.

Market share in Macau climbed to 17 per cent in the first three months of the year, compared to 15.2 per cent in 2023 and 9.5 per cent in 2019. MGM COTAI market share was 10.1 per cent and MGM MACAU 6.9 per cent. Average occupancy was 93.4 per cent, compared to 90.5 per cent a year ago. 

The adjusted EBITDA margin for the period was 30.3 per cent, the highest since 2019 and up from 29.2 per cent last year.

On a property basis, MGM MACAU recorded revenue of HK$3.5bn (US$447.5m), up from HK$2.3bn (US$294m) in the first quarter of 2023 and HK$3.4bn (US$434.6m) from the first quarter of 2019. The venue saw adjusted EBITDA of HK$1.1bn (US$140.6m), the same as in the first quarter of 2019 but an increase from HK$695m (US$88.9m) in the first quarter of 2023.

MGM COTAI saw revenue of HK$4.8bn (US$613.6m), up from HK$2.5bn (US$320m) in Q1 2023 and HK$2.4bn (US$307m) in the first quarter of 2019. Adjusted EBITDA was HK$1.4bn (US$179m), a 95 per cent yearly increase and a 157 per cent rise from 2019.

As of March 31, 2024, the company had liquidity of HK$16.9bn, comprised of cash and cash equivalents and available undrawn credit facilities. 

Kenneth Feng, president and executive director of MGM China said: “Our outstanding performance demonstrates our deep understanding of customers with continued improvements in service levels. It is also a testament to our team’s continuous innovation in crafting compelling experiences for our customers.

“The resumption of dividend demonstrates our confidence in the future of Macau and MGM China, along with our commitment on bringing return on investment to shareholders. “With a guest-centric focus, MGM is awarded in February seven Five-Star awards by Forbes Travel Guide 2024. This demonstrates our leading position in the hospitality industry and its commitment to providing the finest service and resort amenities.

“During the quarter, MGM China has proudly delivered a series of non-gaming events and excitements to Macau. In January, we hosted Bruno Mars, the 15-time Grammy Awards-winner, and his The One & Only Night concert at MGM COTAI, bringing in an entertainment and performing event to feature Macau as the World Center of Tourism and Leisure.

“As a supporter of cultural tourism, MGM has jointly presented with world-renowned musician Tan Dun his symphonic masterpiece Buddha Passion at the MGM Theater at MGM COTAI. Empowered by the vast spectacle of the MGM Theater’s 28 million pixels LED screen, the epic – composed and scripted by Tan Dun – has achieved its first-ever immersive fusion of music and technology.

“We are committed to bringing more unique and integrated experiences to our customers, with the view to align our offerings with the Macau Government’s vision to develop the city into a global and diversified tourist destination.”

See also: MGM China announces MGM 2049 residency show

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