MGM China’s 2024 report highlights a robust tourism recovery in Macau, with visitor arrivals and revenue surpassing pre-pandemic levels.
HONG KONG – MGM China Holdings Limited 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 group saw 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 the 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 period (2023: HK$7.8 billion) and an adjusted EBITDA of HK$2.9 billion (2023: HK$2.3 billion).
- MGM COTAI had revenue of HK$13.7 billion for the period (2023: HK$9.2 billion) and an adjusted EBITDA of HK$4.0 billion (2023: HK$2.7 billion).
- The group maintained a healthy financial position. As of September 30, 2024, the group had a total liquidity of approximately HK$17.2 billion, comprised of cash, cash equivalents and undrawn revolver.
- During the period, MGM China had distributed a final and special dividend following reviewing the earnings, financial position and ongoing capital requirement after FY2023, followed by another special dividend in August. The dividend amount represents approximately 50% of the group’s profit attributable to owners of the company.
- With a guest-centric focus, MGM is awarded during the period seven Five-Star awards by Forbes Travel Guide 2024. This demonstrates our leading position in the hospitality industry and its commitment to providing the finest service and resort amenities.
During this period, MGM China has delivered a series of non-gaming events and excitements to Macau. The company hosted in January an outdoor concert with Bruno Mars, the 15-time Grammy Awards-winner. Also the company presented world-renowned musician Tan Dun his symphonic masterpiece Buddha Passion at the MGM Theater at MGM COTAI. As a supporter of cultural tourism, MGM has showcased an exhibition with renowned Chinese contemporary artist Ren Zhe in his first-ever solo Macau show, MGM X Ren Zhe – ‘Legends of Chivalry’ Art Exhibition, featuring art pieces of classic characters from Jin Yong’s martial arts novels.
In June, the group partnered with Robb Report Hong Kong to host the second edition of Asia’s only MGM x RR1HK Culinary Masters event at MGM COTAI. The culinary event, supported by the Macao Government Tourism Office, has attracted over 400 guests, six internationally acclaimed chefs, and global diners from 10 countries for an epic gastronomic journey in Macau.
Outside properties, MGM China had joined effort to promote tourism in Macau. The group also launched in July in the world heritage A-Ma Temple area the “Summer Hype” series of art, retail, leisure activities, to enhance revitalization and community engagement efforts in the Barra district.
Joining the Macao Government’s initiative to expand international market reach, the group hosted in June its first large-scale overseas promotional campaign in Bangkok, Thailand and participated in the Experience Macao roadshow in Bangkok organized by the Macao Government Tourism Office, to attract more visitors from Southeast Asia.
Kenneth Feng, President and Executive Director of MGM China said: “We are delighted to see the recovery in Macau, along with the diversification development of the city. We are committed to developing Macau into a global and diversified tourist destination through our concession commitments.
“Meanwhile, we are also investing in several capital improvements across our properties. These initiatives include the renovation of our MGM MACAU villas and converting some hotel rooms at MGM COTAI into suites. We are also preparing the upcoming launch of our residency show “Macau 2049” by the end of this year. We are devoted in enhancing the stay for our customers, driving organic visitation and bringing in unique experience for Macau visitors,” said Kenneth Feng.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor’s degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
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