Good Morning: Hear me roar. That’s what MGM China is, justifiably, saying after seeing revenue rise by some 829 percent yearly in the third quarter, with EBITDA also up by nearly a third. The group’s CEO noted that its Macau-based operation is performing “exceptionally well”, even as its US-based properties saw a slight slump. Meanwhile, Macau-based gaming scholar Davis Fong is predicting the SAR’s GGR could hit $27.4 billion, in line with government predictions, as the city progressively comes back to life.
What you need to know
- MGM China roars back to life in the third quarter, seeing stellar GGR results, up 829 percent yearly, while US results lag.
- Macau gaming expert Davis Fong anticipates the city’s GGR potentially hitting $27.4 billion in 2024, echoing government predictions.
On the radar
- Kangwon Land’s net profit down 19.4 percent q-t-q in 3Q23.
- 2023 MGS Entertainment Show anticipates return of 5k visitors.
- Hong Kong Jockey Club World Pool season finishes, $946 mln in turnover.
- Everi sees slight increase in quarterly revenue, FinTech outperforms Games.
AGB Intelligence
RESULTS
MGM China roars back in 3Q23
MGM China saw a stellar third quarter, with revenues rising by some 829 percent yearly, as the operator took full advantage of its new table allocation and positive market sentiment The group saw casino revenue rise by 915 percent, to $714 million, with MGM Cotai contributing strongly – at $432 million. Meanwhile, both its Cotai and peninsula properties saw over $100 million in EBITDA. Despite the positive Macau figures, the group’s revenues were dragged down by the recent cyber attack on its US property.
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