MGM China Reports 2024 Nine-Month Results
Visitation Revenue Adjusted EBITDA Posted Year-on-Year Growth
All Surpassed 2019 Levels
HONG KONG, Oct. 30, 2024 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three and nine months ended September 30, 2024 (the "Period").
The Group is pleased to see the momentum in Macau continued this year following a solid recovery in 2023. For the nine months ended September 30, Macau saw average daily visitor arrival reach 94,602, up by 30% from last year, recovered to 86% of pre-COVID 2019 levels.
Visitation recovery has supported growth of gross gaming revenue (GGR). Industry GGR per day rose 31% year-to-year to MOP618 million for the Period, representing 77% of pre-COVID 2019 levels. Year-to-date mass GGR was up approximately 33%, reached 111% of 2019 levels.
MGM China continues to outperform industry recovery compared to pre-COVID levels. Year-to-date property visitation per day in 2024 was up 65% from 2023, represented 157% of 2019 levels. Daily GGR and mass GGR (including slot) were up 40% and 46% respectively from last year, represented 129% and 180% respectively of 2019.
Net revenue for the Period grew by 38% year-on-year, reached 137% of 2019 levels.
The Group reported adjusted EBITDA of HK$6.9 billion, up 37% from 2023, posted 150% of 2019 levels.
Market share in Macau was 15.9% year-to-date, up from 9.5% in FY2019. MGM COTAI market share was 9.4% and MGM MACAU market share was 6.5%.
Adjusted EBITDA margin for the Period was 29.5%, 240 basis points higher than 27.1% in same period 2019, with a mass-focused business and continuous improvement in operational efficiency.
On a property basis, MGM MACAU recorded revenue of HK$9.8 billion for the ...