MGM China posts revenue of US$812.52m for Q3

The company reported adjusted EBITDA of HK$1.9bn (US$243.1m).

Macau.- MGM China Holdings has shared its financial results for the third quarter of the year. Net revenue was HK$6.4bn (US$812.52m), up 9.7 per cent in quarter-on-quarter terms and 10 per cent when compared to pre-Covid-19 levels.

The casino operator reported positive adjusted EBITDA of HK$1.9bn (US$243.1m), up 122 per cent compared to the second quarter of 2019 and 7.9 per cent from the preceding quarter. MGM Macau’s revenue reached HK$2.9bn. The property recorded adjusted EBITDA of HK$880.5m, a 14.2-per cent increase from the previous quarter.

MGM Cotai reported revenue of HK$3.48bn and adjusted EBITDA of HK$1.00bn, up about 3 per cent sequentially.

As of September 30, 2023, the group had liquidity of HK$18.2bn, which included cash, cash equivalents, and undrawn revolver. In October, the group had a strong Golden Week, and the market GGR reached a post-pandemic high of MOP19.5bn, equivalent to 74 per cent of 2019’s GGR. This indicated a daily run-rate of MOP629m. MGM China’s market share increased to 15.5 per cent. The year-to-date market share was 14.8 per cent.

Kenneth Feng, president and executive director of MGM China said: “We are excited about the recovery in Macau, along with the diversification development of the city. We will continue investing in the gaming floor to enhance table yield. At the same time, we are committed to bringing in more unique integrated tourism experiences to attract international visitors.”

See also: Deutsche Bank lowers MGM China 2024 EBITDAR forecast