MGM Resorts CEO Bill Hornbuckle highlights rise in market share
MGM Resorts CEO Bill Hornbuckle was interviewed by the Las Vegas Review-Journal.
Macau.- In an interview with the Las Vegas Review-Journal, MGM Resorts CEO, Bill Hornbuckle highlight the increased market share of MGM Resorts International’s Macau operations since the relaxation of Covid-19 restrictions earlier this year. He noted that MGM China Holdings’ revenue has contributed approximately 20 per cent of the company’s cash flow earnings.
Hornbuckle said: “It’s off to a great start as far as we’re concerned. We’ve taken more than our share historically. Pre-pandemic, we were below 10 per cent market share. I think we’re enjoying 13, 14 and 15 per cent in some months this year.”
MGM China Holdings posted a net revenue of US$618m in the first quarter of the year, compared to US$268m last year. The figure was up 130 per cent in year-on-year terms. The casino operator reported a positive adjusted EBITDA of approximately US$169m, compared to a loss of US$26m recorded a year prior.
Earlier this year, Morgan Stanley predicted that MGM China could anticipate a mass market share increase of at least 3 per cent over the next two years, primarily due to the addition of gaming tables to its operations. Since the new concession came into effect in the post-Covid-19 era, the number of gaming tables under MGM China has risen from 553 at the end of 2019 to 750.
