MGM China set to upgrade premium gaming, accommodation spaces

MGM China intends to undertake substantial renovations to the high-end gambling and lodging sections of MGM Macau and MGM Cotai, two of its casinos in Macau.

The announcement follows a quarter that concluded in September 2023 and shattered every prior benchmark. Both their GGR and adjusted property EBITDAR achieved all-time highs in the third quarter. Notably, the adjusted property EBITDAR for the month of October set a new record.

In order to increase international tourism and maximize yield, MGM China plans to implement “opportunistic changes” to its existing hotel amenities and gaming area, with the intention of appealing to both mass and premium mass consumers. Beginning early the following year, the company intends to reconstruct the platinum gambling area at MGM Cotai and the villas at MGM Macau, which will involve the construction of six more villas.

Macau’s economy appears to be thriving, according to Bill Hornbuckle, president and CEO of MGM Resorts. He stated that “business is booming, which is crystal clear.” Hubert Wang, President and Chief Operating Officer of MGM China, responded to a question regarding concerns regarding China’s financial situation by citing a projection by the Macau government that places the region’s total GDP at approximately US$27 billion in 2024. Although China’s overall financial situation is improving, he asserts that Macau attracts a negligible number of visitors, the majority of whom are members of the middle and upper middle classes who have demonstrated resilience despite the nation’s economic difficulties.

Original story by: IAG