MGM China saw a sharp rise in revenue during the second quarter of the year, topping out at $741 million, compared to $143 million in 2Q22, an increase even of 5 percent compared to the same quarter of 2019. The group also recorded a strong adjusted property EBITDAR of $209 million, compared to a loss of $52 million in the same quarter of last year, and a 21 percent rise compared to 2Q19.
The group’s parent company, MGM Resorts, noted the results in a filing late Wednesday, stating that the quarter had benefited from the ‘removal of COVID-related travel and entry restrictions and an increase in visitation.
MGM China’s casino revenue during the quarter saw a 454 percent yearly increase, to $670 million, with main floor table games drop at $2.87 billion, a rise of 576 percent yearly.
The group notes that its market share was sustained at 14.6 percent, a strong rise from the 9.2 percent seen in 2Q19.
Recovery was led by the Hong Kong market, at 102 percent of 2019 levels, while mainland China visitation topped out at 63 percent.
MGM China noted its advantage in being the only Macau operator to actually get more tables under the new concession agreement, with 198 new tables, and its focus on mass and premium mass customers driving growth.
The group saw revenue of HK$3.23 billion ($414 million) at its MGM Cotai property during the quarter, up 606 percent yearly, with adjusted property EBITDA hitting HK$976.26 million ($125.13 million), compared to a loss of HK$274.77 million ($35.22 million) in 2Q22.
Meanwhile, its MGM Macau property garnered HK$2.57 billion ($329.42 million) in revenue, up 289 percent yearly, as property EBITDA rose to HK$770 million ($98.69 million), from a loss of HK$107.66 million ($13.79 million) in 2Q22.
MGM China also registered profit of HK$669.63 million (85.83 million) in 2Q23 compared to a loss of HK$1.37 billion ($175.6 million) in the same quarter of last year.
MGM Resorts tops records
Overall, MGM Resorts saw an all-time record in net revenue, topping $3.9 billion, up 21 percent yearly, with income at $371 million, down on a yearly basis due to the group’s sale of its Las Vegas properties to real estate giant VICI in 2Q22. Net income was $201 million.
Las Vegas strip revenues totaled just $2.1 billion, flat from the same period last year, while adjusted property EBITDAR fell slightly, to $777 million, from $825 million. This comes as casino revenue amounted to $492 million, down 1 percent yearly.
Meanwhile, the group’s other US properties brought in some $926 million, up 3 percent yearly, while adjusted property EBITDAR totaled $294 million, down from $340 million in 2Q22.
Regarding the group’s online segment, BetMGM, the group is now expecting revenue of up to $2 billion in 2023, after seeing $944 million in 1H23, with an increase in revenue per player of 65 percent.
