Macau casino operators eye potential Thai market, CLSA says<\/a><\/p>\n\n\n\nMGM Macau\u2019s revenue reached HK$3.26bn (US$417.3m), up 26.45 per cent year-over-year but down 3.6 per cent sequentially. The main floor table games drop was HK$14.33bn (US$1.83bn), reflecting a 22.22 per cent increase when compared to the second quarter of 2023. VIP table games turnover declined by 1.7 per cent year-over-year to HK$8.31bn (US$1.06bn). The slot machine handle was HK$7.38bn (US$945.38m), up 32.32 per cent year-over-year.<\/p>\n\n\n\n
The venue saw adjusted EBITDA of HK$984.2m (US$125.97m), a decrease from HK$1.1bn (US$140.6m) in the first quarter of 2024 but up 27.66 per cent in year-on-year terms. The room occupancy rate rose to 94.8 per cent.<\/p>\n\n\n\n
MGM Cotai <\/strong>reported revenue of HK$4.6bn (US$601.5m), up 45.46 when compared to the second quarter of 2023 but down from HK$4.8bn (US$613.6m) in Q1 2024. The main-floor table games drop was HK$15.65bn (US$2bn), up 45 per cent year-over-year. VIP table games turnover was HK$23.62bn (US$3.02bn), down 1.5 per cent when compared to the second quarter of 2023. The slot machine handle was HK$7.31bn (US$936.3m), up 38 per cent year-over-year.<\/p>\n\n\n\nAdjusted EBITDA was HK$1.45bn (US$186.75m), up 50 per cent in year-on-year terms and up 3.57 per cent sequentially. The room occupancy rate rose to 94.2 per cent in the second quarter.<\/p>\n\n\n\n
Kenneth Feng<\/strong>, president and executive director of MGM China said: “We are delighted to see our continuous growth and outperformance driven by our deep understanding and customers and our ability to adapt swiftly to their preferences.<\/p>\n\n\n\n“We are committed to bringing more unique and integrated experiences to our customers, to align our offerings with the Macau Government’s vision to develop the city into a global and diversified tourist destination.”<\/p>\n\n\n\n
Bill Horbuckle, CEO and President of MGM Resorts International said: “MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China Adjusted Property EBITDAR and further growth in Las Vegas where our Marriott relationship continues to exceed expectations and our meetings and convention business continues to strengthen thanks to our recently completed remodel of Mandalay Bay.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Adjusted property EBITDAR was US$312.72m.<\/p>\n","protected":false},"author":176,"featured_media":17968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MGM China Holdings reported robust Q2 financial results, with net revenue of HK$7.95bn (US$1.02bn) and record property EBITDAR of HK$2.44bn (US$312.7m), driven by the continued post-Covid operational ramp-up in Macau. Property visitation exceeded 2019 levels, and both MGM Macau and MGM Cotai demonstrated strong year-over-year growth across key gaming verticals, despite some sequential moderation.","focusai_entities":"MGM China Holdings, MGM Macau, MGM Cotai, CLSA, Kenneth Feng, MGM Resorts International, Bill Horbuckle, Marriott, Mandalay Bay, Macau Government","focusai_location":"Macau, Thailand, Las Vegas, United States","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Diversification Strategy","query":"How does MGM China's current operational performance and strategic focus on 'unique and integrated experiences' align with the Macau Government's long-term vision for economic diversification beyond traditional gaming?"},{"label":"Q3 Performance Outlook","query":"Given the sequential moderation in some revenue metrics from Q1 to Q2, what are the key operational levers and market conditions MGM China anticipates will drive continued growth or potential headwinds in Q3 2024?"}],"footnotes":""},"categories":[16338,163],"tags":[1618],"class_list":["post-777017767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777017767"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017767\/revisions"}],"predecessor-version":[{"id":777017795,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017767\/revisions\/777017795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17968"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777017767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777017767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777017767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}