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MGM China Holdings Limited has announced its selected unaudited financial results for the second quarter and the first half of 2024. The company is pleased to report significant growth and recovery in Macau’s tourism and gaming sectors.
Impressive Growth in Visitor Arrivals and Gaming Revenue
Macau has seen a remarkable increase in visitor arrivals, with daily numbers rising by 43% year-on-year to 91,868. This figure represents an 82% recovery compared to the first half of 2019. The gross gaming revenue (GGR) in Macau also saw a substantial increase, growing by 41% from the same period last year to MOP 625 million per day, which is a 76% recovery of the first half of 2019 levels. Notably, mass gaming revenue surged by 45% year-on-year, reaching 111% of the 2019 figures. This robust performance has boosted the industry’s EBITDA to approximately 80-85% of pre-COVID levels.
MGM China’s Outstanding Performance
MGM China has outperformed the market amid the industry’s recovery. Property visitation increased by 85% year-on-year, which is 153% of the 2019 levels. The company’s net revenue for the period grew by 52% year-on-year to HK$16.2 billion, reaching 144% of the same period in 2019. Adjusted EBITDA for the period was HK$4.9 billion, a 57% increase from the previous year, and 161% of the pre-COVID level in 2019.
The company’s market share rose to 16.5% for the period, up from 14.9% a year ago and 9.5% in 2019. MGM COTAI’s market share was 9.8%, while MGM MACAU’s was 6.7%. The adjusted EBITDA margin hit a record high of 30.5%, compared to 29.7% in 2023 and 27.2% in 2019, attributed to a mass-focused business model and improved operational efficiency. Average occupancy for the period was 93.9%, up from 91.7% in the first half of 2023.
Property-Level Performance
MGM COTAI recorded revenues of HK$9.5 billion and an adjusted EBITDA of HK$2.8 billion, compared to HK$5.7 billion and HK$1.7 billion respectively in the first half of 2023. MGM MACAU’s revenue was HK$6.8 billion, with an adjusted EBITDA of HK$2.1 billion, compared to HK$4.9 billion and HK$1.5 billion in the same period last year.
Strong Second Quarter Results
In the second quarter of 2024, Macau’s daily market visitation reached 79% of pre-COVID levels, and daily GGR was 77% of Q2 2019 levels. Mass GGR was estimated at 111% of Q2 2019. MGM China’s property visitation exceeded pre-COVID levels to 156% of the same period in 2019. Daily GGR was 134% of Q2 2019, and mass GGR was 185% of Q2 2019. The Group’s revenue for the quarter was HK$8.0 billion, 144% of Q2 2019 levels, and adjusted EBITDA was HK$2.4 billion, 168% of Q2 2019. The adjusted EBITDA margin was 30.7%, compared to 26.3% in Q2 2019.
Strong Financial Position and Recognitions
As of June 30, 2024, MGM China maintained a healthy financial position with total liquidity of approximately HK$16 billion, including cash, cash equivalents, and undrawn revolver. In February, MGM received seven Five-Star awards from Forbes Travel Guide 2024, underscoring its leading position in the hospitality industry and commitment to providing exceptional service and amenities.
Non-Gaming Events and Cultural Initiatives
During the period, MGM China hosted a series of non-gaming events to enhance Macau’s cultural tourism. Highlights included an outdoor concert by Bruno Mars, a symphonic masterpiece “Buddha Passion” by Tan Dun, and the “Legends of Chivalry” art exhibition by Chinese contemporary artist Ren Zhe. Additionally, MGM China supported the Macao Government’s initiative to expand its international market reach by hosting a large-scale promotional campaign in Bangkok, Thailand, and participating in the Experience Macao roadshow organized by the Macao Government Tourism Office.
MGM China’s strong financial performance and dedication to both gaming and non-gaming attractions underscore its pivotal role in Macau’s economic recovery and continued growth.
Kenneth Feng, President and Executive Director of MGM China said: “We are delighted to see our continuous growth and outperformance driven by our deep understanding and customers and our ability to adapt swiftly to their preferences.
“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,” said Kenneth Feng.
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