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 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 the Period, MGM China has proudly delivered a series of
non-gaming events and excitements to Macau. We have hosted in January an outdoor
concert with Bruno Mars, the 15-time
Grammy Awards-winner. We had also presented with 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 had 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 our properties, MGM China had joined effort to promote
tourism in Macau. The Group had
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.
About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer,
owner and operator of gaming and lodging resorts in the
Greater China region. We are the
holding company of MGM Grand Paradise, SA which holds one of the
six gaming concessions to run casino games in
Macau. MGM Grand Paradise, SA owns
and operates MGM MACAU, the
award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary
luxury integrated resort in Cotai, which opened in early 2018 and
more than doubles our presence in Macau.
MGM China is majority owned by MGM Resorts International (NYSE:
MGM) one of the world's leading global hospitality companies,
operating a portfolio of destination resort brands including
Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more
information about MGM Resorts International, visit the Company's
website at www.mgmresorts.com.
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SOURCE MGM China
