MGM China revenue up 369% in 2023

MGM China revenue up 369% in 2023

MGM China has reported net revenue of HK$24.7bn.

Macau.- MGM China has shared its financial results for the financial year 2023. It posted net revenue of HK$24.7bn (US$3.2bn), up 369 per cent in year-on-year terms and up 9 per cent when compared to 2019, before the Covid-19 pandemic.

The casino operator recorded adjusted EBITDA at a historical high of HK$7.2bn, representing 117 per cent of 2019 levels. MGM China had a market share of 15.2 per cent in r 2023, up from 9.5 per cent in 2019. MGM COTAI’s market share was 8.6 per cent and MGM Macau’s 6.6 per cent. 

The company posted net revenue of US$983m for the fourth quarter of 2023, an increase of 462 per cent over the prior year quarter and 35 per cent compared to the fourth quarter of 2019. MGM Macau recorded revenue of HK$3.05bn (US$390m) and adjusted property EBITDAR of HK$824.7m (US$105.5m), MGM Cotai HK$4.62bn (US$590.8m) and HK$1.37bn (US$175.2m).

Kenneth Feng, president, strategic and chief financial officer of MGM China said: “We are excited about the recovery in Macau and our outperformance across various business segments. We will continue to innovate our products and services to enhance customer experience. We are also committed to bringing in more unique integrated tourism experiences to attract international visitors.

“MGM China is determined to bring in world-class events to Macau. The Group has organized MGM Macau Tennis Masters tournament with IMG featuring top international tennis players at the Macao East Asia Games Dome. The Group has also joined hand with the Macao Cultural Affairs Bureau to organize hush! Beach Concerts x Urban Yo~ga Wellfest, a multi-disciplinary festival which marks the debut of MGM’s wellness IP Program that integrates tourism, health and music industries along the natural coastal Hac Sá Beach in Macau.

“We strive to develop MGM as a destination for visitors and customers, along with the diversification development of Macau. We are devoted in developing Macau into a global and diversified tourist destination through our concession commitments.”

See also: Deutsche Bank ups MGM China EBITDAR forecast

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