MGM China has again reported record earnings in the three months to 31 March 2024, including Adjusted Property EBITDAR of US$301 million at its Macau integrated resorts – up 78% year-on-year and almost 15% higher than the previous record of US$262 million set in the December 2023 quarter.
The results were released by MGM China’s parent company, MGM Resorts International, on Thursday morning (Asia time), which itself booked consolidated Adjusted EBITDA of US$1.2 billion on revenues of US$4.4 billion.
The Macau result came off the back of net revenues of US$1.1 billion for MGM China, up 71% year-on-year and 12% quarter-on-quarter, while market share of 17% was also an all-time high for the company.
“The current quarter was positively affected by the continued ramp up of operations after the removal of COVID-19 related travel and entry restrictions in the prior year quarter,” the company explained.
While MGM had not provided a breakdown by property at time of writing, it revealed casino revenue during the quarter of US$920 million, up 66% year-on-year, with main floor table games drop up 76% to US$3.82 billion and main floor win of US$950 million.
“We achieved record results in the first quarter of 2024 driven by strong performance at MGM China and in Las Vegas specifically at our luxury resort properties,” said MGM Resorts CFO and Treasurer, Jonathan Halkyard.
“We repurchased 12 million shares at attractive valuations, providing our shareholders with incremental future benefits from the free cash flow growth of our resort operations, digital profitability, and the development opportunities of Japan and New York.”
On MGM’s integrated resort development in Osaka, Japan, Halkyard added, “Our venture in Japan continues to progress with financing now in place and our recent hedging program has provided significant cost advantages for the development of the country’s first integrated resort.”
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