Operator News

MGM China continues to outperform industry recovery in 2024

MGM China continued to outperform industry recovery in 2024 with property visitation growing 54 per cent year-on-year, to surpass 163 per cent of 2019 levels. Daily GGR was up 29 per cent to 129 per cent of 2019. Mass GGR (including slot) was up 33 per cent to reach 179 per cent of pre-COVID levels.

Net revenue of the Group grew by 27 per cent to HK$31.4bn in 2024, or 138 per cent of 2019. Adjusted EBITDA also reached historical high of HK$9.1bn in 2024, up by 25 per cent from a year ago, represented 147 per cent of 2019.

MGM China saw market share at all-time high of 15.8 per cent in 2024, up from 15.2 per cent in 2023 and compared to 9.5 per cent in 2019. MGM COTAI market share was 9.3 per cent and MGM MACAU was 6.5 per cent. Adjusted EBITDA margin was 28.9 per cent in 2024, 170 basis points higher than 2019, with a mass-focused business and continuous improvement in operational efficiency. Hotel occupancy reached 94 per cent in 2024, up from 92.5 per cent in 2023. The Group maintained a healthy financial position. As of December 31, 2024, the Group had a total liquidity of approximately HK$17.2bn, comprised of cash, cash equivalents and undrawn revolver.

With a guest-centric focus, MGM is awarded during the Period seven Five-Star awards by Forbes Travel Guide 2024. It demonstrates our leading position in the hospitality industry and its commitment to providing the finest service and resort amenities.

Kenneth Feng, President and Executive Director of MGM China said: “We are exhilarated to have nearly 500,000 visitors to date to our Poly MGM Museum, and a ticket sale of over 42,000 for Macau 2049. Through the offering of these one-of-the-kind IP experiences, we are dedicated to drive non-gaming revenues and visitation to Macau, promoting cultural tourism and economic diversification.”

“Outside our properties, MGM China goes beyond leveraging our cultural tourism strengths and joins effort to revitalize local district in Macau. The Group has introduced a series of art exhibitions, workshops, retails and leisure activities in the world heritage A-Ma Temple area to enhance community engagement efforts in the Barra district, driving the area’s future development.”

“We are delighted to see the recovery in Macau, along with the diversification development of the city. We are committed to developing Macau into a global and diversified tourist destination through our concession commitments.”