Operator News

MGM China operating at 137 per cent of 2019’s revenues

MGM China continues to outperform industry recovery compared to pre-COVID levels with revenue for the period growing by 38 per cent year-on-year to reach 137 per cent of 2019 levels.

Year-to-date property visitation per day in 2024 was up 65 per cent from 2023, represented 157 per cent of 2019 levels. Daily GGR and mass GGR (including slot) were up 40 per cent and 46 per cent respectively from last year, represented 129 per cent and 180 per cent respectively of 2019.

Market share in Macau was 15.9 per cent year-to-date, up from 9.5 per cent in FY2019. MGM Cotai market share was 9.4 per cent and MGM Macau market share was 6.5 per cent.

The group is pleased to see the momentum in Macau continued this year following a solid recovery in 2023. For the nine months ended September 30, Macau saw average daily visitor arrival reach 94,602, up by 30 per cent from last year, recovered to 86 per cent of pre-COVID 2019 levels.

Visitation recovery has supported growth of gross gaming revenue (GGR). Industry GGR per day rose 31 per cent year-to-year to MOP618m for the Period, representing 77 per cent of pre-COVID 2019 levels. Year-to-date mass GGR was up approximately 33 per cent, reached 111 per cent of 2019 levels.

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

During the Period, MGM China has proudly delivered a series of non-gaming events and excitements to Macau. We have hosted in January an outdoor concert with Bruno Mars, the 15-time Grammy Awards-winner. We had also presented with world-renowned musician Tan Dun his symphonic masterpiece Buddha Passion at the MGM Theater at MGM COTAI. As a supporter of cultural tourism, MGM has showcased an exhibition with renowned Chinese contemporary artist Ren Zhe in his first-ever solo Macau show, MGM X Ren Zhe – ‘Legends of Chivalry’ Art Exhibition, featuring art pieces of classic characters from Jin Yong’s martial arts novels.

In June, the Group had partnered with Robb Report Hong Kong to host the second edition of Asia’s only MGM x RR1HK Culinary Masters event at MGM COTAI. The culinary event, supported by the Macao Government Tourism Office, has attracted over 400 guests, six internationally acclaimed chefs, and global diners from 10 countries for an epic gastronomic journey in Macau.

MGM China also joined the effort to promote tourism in Macau. The Group had also launched in July in the world heritage A-Ma Temple area the “Summer Hype” series of art, retail, leisure activities, to enhance revitalization and community engagement efforts in the Barra district.

Joining the Macao Government’s initiative to expand international market reach, the Group hosted in June its first large-scale overseas promotional campaign in Bangkok, Thailand and participated in the Experience Macao roadshow in Bangkok organized by the Macao Government Tourism Office, to attract more visitors from Southeast Asia.

Kenneth Feng, President and Executive Director of MGM China, said: “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.

“Meanwhile, we are also investing in several capital improvements across our properties. These initiatives include the renovation of our MGM MACAU villas and converting some hotel rooms at MGM COTAI into suites. We are also preparing the upcoming launch of our residency show Macau 2049 by the end of this year. We are devoted in enhancing the stay for our customers, driving organic visitation and bringing in unique experience for Macau visitors.”