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After record-breaking year, MGM China expecting increased Macau competition in 2025

Ben Blaschke by Ben Blaschke
Wed 4 Dec 2024 at 06:46
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The adoption of smart gaming tables across the market and the launch of new high-end hotel suite products will likely mean much greater competition between concessionaires in the Macau market, according to a leading MGM China executive.

Vivian Chan, the company’s SVP Finance and Acting CFO, detailed the company’s short-term expectations during a session at the Bank of America Leveraged Finance Conference on Wednesday morning (Asia time), having seen MGM report multiple quarterly GGR and EBITDA records throughout 2024. MGM China has also seen its market share grow from 9.5% in 2019 to as high as 16% this year, aided by the addition of 198 new gaming tables under its 10-year concession through 2032 and the early adoption of smart gaming table technology.

Asked whether the company could maintain its momentum into 2025, Chan admitted that rival concessionaires would expect to see their gaming floors performing better in the months ahead given that all are in the process of rolling out smart tables, but added, “Another factor is the competitors are finishing the construction of their suite conversion, for Sands China and for Galaxy as well.

“Competition from next year will be more intense given there will be more new product offerings in the market, although for sure we will have our own secret weapons to defend that. But yes, it will be a factor for the RFID tables because they are catching up [on rollout].”

Although Chan admitted the 198 new gaming tables had given MGM China a boost, but also noted its knowledge of the Chinese customer was crucial.

“We know what the Chinese customer wants so in terms of product offerings, the property, we tailor-make it to the taste of the existing or the new Chinese customer,” she said. “That’s why our market share has gone from 9.5% in 2019 to 15% and above now. We have covered a lot, and a lot of our competitors are also jealous of us.

“In terms of the six gaming operators, MGM has recovered better than the market. Macau’s recovery this year, compared to 2019, is around 77% but MGM China, we are above 100% compared to pre-COVID levels.”

Thailand opportunity
Chan also provided some insight into the emergence of Thailand’s IR market amid recent reports that the nation’s bill on entertainment complexes could pass through parliament as early as mid-2025.

MGM Resorts International, which owns a controlling 56% stake in MGM China, has stated it is keen to bid for a casino license in Thailand but would do so through its Macau subsidiary.

Asked why this was the case, Chan replied, “Our largest shareholder MGM Resorts as well as out largest single shareholder Ms Pansy Ho are both very interested in the Thailand bidding process. The reason is because it is in Asia and so [it makes sense] to be under the MGM China umbrella, unlike Japan which is under MGM Resorts.

“The attractiveness is the synergy, given the distance – it’s a very close distancer between Macau and Thailand – and also MGM China in Macau, we understand the Asian customers and their preference.”

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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