MGM China has announced its continued resurgence in the first quarter of the year, with record high adjusted EBITDA and market share during the period.
According to unaudited results published on Thursday, adjusted EBITDA hit HK$2.5 billion ($320 million), up by 77.3 percent yearly and a rise of 155 percent from the first quarter of 2019.
The group notes that its EBITDA results were due to its ‘mass-focused business and continuous improvement in operational efficiency’.
The group’s market share also rose to 17 percent in 1Q24, up from 15.2 percent in the same quarter of last year and 9.5 percent in 1Q19. The group notes that MGM Cotai’s market share was 10.1 percent while its peninsular property MGM Macau was 6.9 percent.
The property on the Cotai Strip brought in revenue of some $4.8 billion ($613.6 million) during the quarter – strong increases from the HK$2.5 billion ($320 million) seen in 1Q23 and HK$2.4 billion ($307 million) in 1Q19.
Meanwhile it also saw adjusted EBITDA of HK$1.4 billion ($179 million), a 95 percent yearly increase and a 157 percent rise from 1Q19.
Meanwhile, MGM Macau brought in some HK$3.5 billion ($447.5 million) in revenue, up from HK$2.3 billion ($294 million) in 1Q23 and HK$3.4 billion ($434.6 million) in 1Q19.
Adjusted EBITDA at the peninsular property increased to HK$1.1 billion ($140.6 million) – the same as in 1Q19 but an increase from the HK$695 million ($88.9 million) seen in 1Q23.
Net revenue for the group rose by 70.6 percent yearly, topping 143 percent of 1Q19 levels, at HK$8.3 billion ($1.06 billion).
Gross gaming revenue rose by 7 percent quarterly, reaching 74 percent of the same period in 2019 – estimated at MOP630 million ($78.2 million) per day in 1Q24. Mass GGR meanwhile increased 5 percent sequentially to hit all-time highs, at 110 percent of pre-COVID levels. Mass GGR including slots totaled 189 percent of pre-COVID levels.
Hotel occupancy was also healthy during the period, at 93.4 percent – single-digit rises from both 1Q23 and 1Q19.
The group has also proposed a total dividend of HK$0.347 per share.
Speaking of the results, MGM China’s President and Executive Director Kenneth Feng noted that “Our outstanding performance demonstrates our deep understanding of customers with continued improvements in service levels
“The resumption of dividend demonstrates our confidence in the future of Macau and MGM China, along with our commitment on bringing return on investment to shareholders,” noted the executive.
