MGM Resorts, the parent company of MGM China, announced its fourth-quarter results for 2024, revealing that both adjusted EBITDA and sales for its Macau operations were broadly in line with Jefferies estimates and consensus.
For the fourth quarter, MGM China reported an adjusted EBITDA of HK$2.1 billion ($269.6 million), reflecting a 3 percent year-on-year decline but a 7 percent increase quarter-on-quarter. Additionally, net revenue rose by 3 percent year-on-year and 10 percent quarter-on-quarter, reaching HK$7.9 billion ($1 billion).
MGM’s post-results call highlighted robust visitation during CNY, with traffic increasing by 18 percent compared to the previous year, while gaming volumes also showed improvement, surpassing those recorded during the last CNY.
According to the brokerage, MGM’s management noted a strong performance following the Chinese New Year (CNY), with solid traffic at both Macau properties and a commitment to maintaining market share.
‘The management observed a notable trend of more players arriving after CNY, contributing to strong performance in the second week of the holiday, comparable to the first week’, the brokerage noted.
‘MGM’s management reiterated its long-term goal of sustaining a mid-teen market share, with a particular focus on the premium mass segment.’
