MGM China has recorded a 130 percent yearly increase in revenue in the first quarter, at $617.59 million, a decrease of just 16 percent compared to the first quarter of 2019.
Adjusted property EBITDAR of $168.94 million during the quarter is a massive rise from the loss of $26 million recorded a year prior, a 12 percent drop compared to 1Q19.
Main floor table games drop was up 99 percent yearly, topping $2.17 billion, while casino revenue rose 140 percent yearly, to $555 million.
Revenues at the group’s Cotai property rebounded stronger, at HK$2.49 billion, driving the group’s HK$1.42 billion in EBITDAR, the Macau peninsula property still delivered HK$2.34 billion in revenue, up slightly year-on-year.
While main table games turnover rose strongly at both properties, VIP also saw a rebound, with table games turnover up to HK$11.26 billion in the quarter at MGM Cotai, and HK$7.43 billion in Macau, while mass was HK$9.29 billion at the Macau property and HIK$7.77 billion in Cotai.
The group benefited from leveraging some 396 tables in operation during the quarter, compared to 264 in 1Q22, with 956 slot machines, as opposed to 781 in the same quarter of last year.
Looking at the group’s overall results, some $3.9 billion was registered in consolidated net revenue, up 36 percent year-on-year, including the results of The Cosmopolitan in Las Vegas, acquired in May of 2022, and offset by the sale of The Mirage and Gold Strike Tunica in December of 2022 and February of 2023, respectively.
The group notes that results ‘improved over the prior year quarter due to increased business volume and travel activity primarily at MGM China and Las Vegas Strip Resorts.
Adjusted EBITDAR for MGM Resorts totaled $1.1 billion, with a 31 percent increase in Las Vegas Strip revenue, totaling $2.2. billion and adjusted EBITDAR of $836 million, up from $594 million in 1Q22.
