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MGM Resorts CEO expresses plans amid booming business in Macau

November 9, 2023 Macau Casino & HotelEarnings & FilingsIndustry Updates

Macau’s industry is booming, according to Bill Hornbuckle, CEO and President of MGM Resorts International, on the call after the company’s third-quarter results release.

Following an “amazing Golden Week,” MGM China achieved an all-time high in adjusted property EBITDA for October, along with a market share of over 15%. Hornbuckle highlighted the outstanding results that the MGM China team’s creativity and execution produced.

The CEO emphasized three key priorities: attracting both mass and premium mass customers, boosting international tourism, and transforming casino floors and existing hotel products to increase revenues. Early in the next year, MGM Cotai’s Platinum gaming area will undergo renovations, while MGM Macau is preparing to add six more villas to its existing villa complex.

The player reinvestment rates in the Macau market, particularly at the premium mass level, were stable throughout the quarter, according to Hubert Wang, President and COO of MGM China. He saw a lack of irrational behavior among operators when it came to marketing campaigns. Wang also highlighted how festivals and concerts that draw crowds to Macau are beneficial and gradually increase gross gaming revenue. According to him, MGM China shares the Macau government’s forecast of US$27 billion in gross domestic product by 2024.

Original story by: GGRAsia

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