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MGM China’s 2023 adjusted EBITDA reached a historical high of $921M


Macau gaming operator MGM China experienced a record-breaking year in 2023, witnessing record-high performance across segments and continuing to outperform industry recovery.

According to unaudited financial data, MGM China saw an adjusted EBITDA turnaround from 2022 to a historical high of HK$7.2 billion ($921 million), representing 117 percent of 2019.

Net revenue grew 369 percent from 2022 to HK$24.7 billion, or 108 percent of 2019.

Property visitation in 2023 was 106 percent of 2019. Daily gross gaming revenue (GGR) was 101 percent of 2019, and mass GGR (including slots) was 134 percent of pre-COVID levels.

MGM China also outperformed last year in terms of market share gain, as the operator had a market share of 15.2 percent for the year 2023, up from 9.5 percent in 2019. MGM COTAI’s market share was 8.6 percent, and MGM Macau’s was 6.6 percent.

Adjusted EBITDA margin for the year was 29.3 percent, 210 basis points higher than 2019, with a mass-focused business and continuous improvement in operational efficiency.

Macau, St Paul's Ruins


On a quarterly basis, MGM China recorded sequential growth for four consecutive quarters in daily GGR, mass GGR, and Adjusted EBITDA.

Net revenues of $983 million in 4Q23 compared to $175 million in the prior year quarter, an increase of 462 percent, and an increase of 35 percent compared to 4Q19.

4Q23 was positively affected by the removal of COVID-19 related entry restrictions in Macau and an increase in visitation compared to the prior year quarter, as well as an increase in authorized tables in 2023.

Adjusted Property EBITDAR of $262 million compared to Adjusted Property EBITDAR loss of $55 million in the prior year quarter and an increase of 42 percent compared to 4Q19.

Adjusted Property EBITDAR margin of 26.7 percent in the current quarter compared to 25.5 percent in 4Q19.

The company maintained a healthy financial position. As of December 31, 2023, MGM had total liquidity of approximately HK$21.5 billion ($2.8 billion), comprised of cash, cash equivalents, and undrawn revolver.

MGM China, Cotai-Macau

Macau recovery 

In the statement released following the FY23 results, MGM China notes that the company has recorded a solid recovery in Macau since the market reopened at the beginning of last year.

Macau saw average daily visitor arrivals for 2023 increase by 395 percent from 2022 to 77,296, recovering to 72 percent of 2019 pre-COVID levels.

Visitation has boosted the growth of gross gaming revenue (GGR). Industry GGR recorded sequential growth over the quarters last year to reach MOP502 million ($62 million) per day in 2023, recovering to 63 percent of 2019 levels.

Kenneth Feng, President, and Executive Director of MGM China said: “We are excited about the recovery in Macau and our outperformance across various business segments. We will continue to innovate our products and services to enhance the customer experience. We are also committed to bringing in more unique integrated tourism experiences to attract international visitors.”

MGM China's 2023 adjusted EBITDA reached a historical high of $921M

Expanded overseas offices

In order to fulfill its commitment to luring international visitors, MGM China expanded its overseas offices in Kuala Lumpur, Manila, Seoul, and Osaka last year.

MGM has also held flagship entertainment and gastronomy events, including MGM x RR1 Culinary Masters Macau, MGM Chef Nic Gastronomusic Fest, and Oktoberfest Macau at MGM, which drew both local and international visitors.

The firm has also announced a collaboration with Poly Culture Group to build a cutting-edge arts and culture museum at MGM Macau.

“We strive to develop MGM as a destination for visitors and customers, along with the diversification development of Macau. We are devoted to developing Macau into a global and diversified tourist destination through our concession commitments,” said Kenneth Feng.

AGBrief Editorial
AGBrief Editorial
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