Visitation Revenue Adjusted EBITDA Posted Year-on-Year Growth
All Surpassed 2019 Levels
HONG KONG, Oct. 31, 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.