Operator News
China – MGM China sees daily revenue surpass 2019
By Phil - 14 February 2024
MGM China said it was ‘delighted to see record-high performance across segments last year and continued to outperform industry recovery’ in Macau. Property visitation in 2023 was 106 per cent of 2019. Daily GGR was 101 per cent of 2019 and mass GGR (including slot) was 134 per cent of pre-COVID levels.
Net revenue of the group grew by 369 per cent from 2022 to HK$24.7bn, or 108 per cent of 2019. The Group saw adjusted EBITDA turnaround from 2022 to historical high of HK$7.2bn, represented 117 per cent of 2019.
MGM China had market share of 15.2 per cent for year 2023, up from 9.5 per cent in 2019. MGM COTAI market share was 8.6 per cent and MGM Macau was 6.6 per cent. Adjusted EBITDA margin for the year 29.3 per cent, 210 basis points higher than 2019, with a mass-focused business and continuous improvement in operational efficiency.
On a quarterly basis, the group recorded sequential growth for four consecutive quarters over daily GGR, mass GGR and Adjusted EBITDA. Fourth-quarter Adjusted EBITDA was up 16 per cent from previously to HK$2.2bn, with adjusted EBITDA margin of 28.5 per cent.
The group maintained a healthy financial position. As of December 31, 2023, the group had a total liquidity of approximately HK$21.5 billion, comprised of cash, cash equivalents and undrawn revolver.
The group is delighted to see business volumes continued to grow in January. Market daily GGR further grew four per cent from December to MOP624m, implying a year-on-year growth of 67 per cent, and 78 per cent recovery of January 2019.
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 customer experience. We are also committed to bringing in more unique integrated tourism experiences to attract international visitors.”
During the year, MGM China has expanded overseas offices in Kuala Lumpur, Manila, Seoul and Osaka. The Group had 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.
As a supporter of cultural tourism, MGM again collaborated with world-renowned Portuguese artist Joana Vasconcelos to present a large-scale art installation Valkyrie Miss Dior at MGM COTAI. On the art front, the Group presented at MGM Theater To Infinity and Beyond: The Art of Hsiao Chin, an unprecedented large-scale immersive exhibition as part of Art Macao, a city-wide international event organized by the Macao SAR government. The Group has also announced the collaboration with Poly Culture Group to build a cutting-edge arts and culture museum at MGM MACAU.
In addition, MGM China is determined to bring in world-class events to Macau. The Group has organized MGM Macau Tennis Masters tournament with IMG featuring top international tennis players at the Macao East Asia Games Dome. The Group has also joined hand with the Macao Cultural Affairs Bureau to organize hush! Beach Concerts x Urban Yo~ga Wellfest, a multi-disciplinary festival which marks the debut of MGM’s wellness IP Program that integrates tourism, health and music industries along the natural coastal Hac Sá Beach in Macau.
“We strive to develop MGM as a destination for visitors and customers, along with the diversification development of Macau. We are devoted in developing Macau into a global and diversified tourist destination through our concession commitments,” said Kenneth Feng.
