MGM China reported total revenue of HK$7.92 billion (US$990 million) for the three months to 31 December 2024, up 3.2% year-on-year due to an increase in casino revenues from favorable hold.
However, Adjusted EBITDA of HK$2.13 billion (US$266 million) was down 2.9% year-on-year.
According to information published early Thursday morning (Asia time) by parent MGM Resorts International, the 4Q24 performance was highlighted by a strong recovery at peninsula property MGM Macau, where total revenue grew by 9.4% to HK$3.34 billion (US$417.6 million) and Adjusted EBITDA by 10.4% to HK$910.6 million (US$113.8 million).
MGM Cotai saw total revenue fall by 1.0% to HK$4.58 billion (US$572.4 million) and Adjusted EBITDA by 11.0% to HK$1.22 billion (US$152.0 million).
Compared to the September 2024 quarter, MGM China’s total revenues in 4Q24 were up 9.2% while Adjusted EBITDA grew by 7.6%.
For FY24, MGM China’s total revenue grew by 27.2% to HK$31.4 billion (US$3.92 billion) while Adjusted EBITDA was up by 25.2% to HK$9.06 billion (US$1.13 billion).
Group-wide, MGM Resorts reported net revenues of US$4.3 billion, down 1% year-on-year, with net income down 50% to US$157 million and Consolidated Adjusted EBITDA down by 16% to US$528 million.
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