MGM China revenue falls slightly in Q1
Net revenue was down 1 per cent year-on-year, mainly due to a decrease in casino revenue.
Macau.- MGM China has shared its financial results for the first quarter of the year, posting net revenue of HK$8bn (US$1bn). The figure was up 1 per cent sequentially but down 3 per cent in year-on-year terms. The total was 139 per cent of pre-Covid-19 figures.
The casino operator attributed the year-on-year decline to a 3 per cent drop in casino revenue to US$896m at MGM Macau and MGM Cotai combined. This was driven by a 5 per cent year-on-year decline in main floor table games revenue to US$3.63m. The main floor win percentage of 25.2 per cent was slightly higher than the previous year’s 24.9 per cent.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was HK$2.4bn (US$286m). That’s a 5 per cent decrease compared to the first quarter of 2024 and 146 per cent of the first quarter of 2019. In quarter-on-quarter terms, EBITDA was up 11 per cent.
MGM’s gross gaming revenue (GGR) market share was 15.7 per cent compared to 15.5 per cent in the previous period. Its estimated mass (including slot) market share was 15.8 per cent and its VIP share 15. per cent. Average occupancy was 93.3 per cent, steady year-on-year.
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.”
“In February, the POLY MGM MUSEUM has reached a milestone of receiving 500,000 visitors in just three months since it opened at MGM MACAU. The Museum showcases the brilliance of Chinese civilisation to the global community with top-notch international exhibition standards, highlighting our devotion in developing cultural tourism as well as Macau’s cultural essence as a world centre of tourism and leisure. The inaugural exhibition The Maritime Silk Road — Discover the Mystical Seas and Encounter the Treasures of the Ancient Trade Route has enjoyed widespread popularity and recorded a daily average over 10,000 visitors during the Chinese New Year period.
“We are delighted to see the diversification development of Macau. We are committed to bringing more unique and integrated experiences to our customers, to develop Macau into a global and diversified tourist destination through our concession commitments.”
See also: MGM China secures US$3.02bn revolving credit facility
