MGM China reported net revenues of HK$7.96 billion (US$1.02 billion) for the three months to 30 June 2024, up 37% year-on-year and only slightly down on the US$1.10 billion reported in Q1. Adjusted Property EBITDAR of HK$2.44 billion (US$312.7 million) was also up 40% year-on-year and an all-time Q2 record for the company, according to information from parent company MGM Resorts.
MGM said the strong results, which also follow a record-breaking March quarter, were positively affected by the continued ramp up of operations after the removal of COVID-19 related travel and entry restrictions in the first quarter of 2023.
The company also maintained Macau market share of around 16% it revealed during its 2Q24 earnings call, with margins remaining healthy at 29%.
By property, MGM Cotai continued to surge, reporting revenues of HK$4.70 billion, up 45% year-on-year on the back of strong mass gaming floor win. Adjusted Property EBITDAR grew by 49% to HK$1.46 billion (US$186.9 million).
At MGM Macau, revenue grew by 26% year-on-year to HK$3.26 billion (US$417.3 million) with Adjusted Property EBITDAR up 28% to HK$984.1 million (US$126.0 million).
The 2Q results also took MGM China’s revenue for the first six months of 2024 to HK$16.2 billion (US$2.07 billion), up 52%, with Adjusted Property EBITDAR rising by 57% to HK$4.95 billion (US$633.6 million).
In a seperate announcement, MGM China said gross gaming revenue (GGR) in Macau during the first six months of 2024 was up 41% from the same period in 2023 to MOP$625 million (US$77.6 million) per day, represented a 76% recovery compared with 1H19. Mass gaming revenue grew 45% compared to a year ago, represented 111% of 2019.
Group-wide, parent company MGM Resorts reported record 2Q consolidated net revenues of US$4.3 billion, while consolidated Adjusted EBITDAR reached US$1.2 billion and net income attributable to MGM Resorts of US$187 million.
“We are delighted to see our continuous growth and outperformance driven by our deep understanding of customers and our ability to adapt swiftly to their preferences,” said MGM China’s President and Executive Director Kenneth Feng.
“We are committed to bringing more unique and integrated experiences to our customers, to align our offerings with the Macau government’s vision to develop the city into a global and diversified tourist destination.”
MGM Resorts CEO and President Bill Hornbuckle added, “MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China Adjusted Property EBITDAR and further growth in Las Vegas where our Marriott relationship continues to exceed expectations and our meetings and convention business continues to strengthen thanks to our recently completed remodel of Mandalay Bay.
“We’re excited by the progress we’re making as a company against our strategic priorities and anticipate carrying our current momentum forward into the back half of the year.”
