MGM China has pointed to a lengthy tail to this year’s Chinese New Year holiday period in Macau, with visitation and gaming volumes maintaining strength beyond the official eight-day Golden Week holiday, according to the company’s President and Executive Director, Kenneth Feng.
Speaking during parent company MGM Resorts’ 4Q24 earnings call on Thursday morning (Asia time), Feng highlighted what he described as a “pretty solid” Chinese New Year for the company in Macau – where it operates two integrated resorts in MGM Cotai and MGM Macau.
However, with industry analysts having universally described Golden Week as weaker than hope, Feng said it was significant that volumes had remained respectable in the days since.
“I want to point out that we have noted a longer tail to Chinese New Year with a high percentage of players arriving post- Chinese New Year holidays compared to 2024,” he explained.
“Actually, our business volume in the second week of Chinese New Year was almost as strong as the first week of Chinese New Year.”
Even during Golden Week, Feng added, traffic at the company’s two IRs was 18% higher than in Chinese New Year 2024.
“Gaming volume was also higher than last year’s Chinese New Year and we have maintained our market share,” he said.
MGM Resorts CEO and President, Bill Hornbuckle, added, “I think we had a great Chinese New Year in terms of market share, and particularly in terms of win and visitation.”
MGM China reported Thursday a 3.2% year-on-year increase in total revenue to HK$7.92 billion (US$990 million) in 4Q24, although Adjusted EBITDA fell 2.9% to HK$2.13 billion (US$266 million).
