CEO reveals MGM China achieved market share exceeding 20% for first time in January

CEO and President Bill Hornbuckle of MGM Resorts said on the company’s 4Q23 earnings call that MGM China achieved a market share of more than 20% for the first time in January, marking a significant turning point in the post-COVID recovery of the firm.

Although Hornbuckle acknowledged that it would be difficult to sustain such a big market share over time, he expressed confidence in MGM’s capacity to compete with its more established Macau rivals. Citing the company’s repositioning efforts and readiness to engage with other market rivals, he highlighted the success of MGM Macau and MGM Cotai.

With record Adjusted Property EBITDAR reported for both the December 2023 quarter and FY23, MGM China surpassed 2019 levels by 560 basis points, resulting in a market share of 16.3% in Q4 and 15.1% in FY23. This achievement was aided by the installation of 200 more gaming tables under its new 10-year gaming concession.

MGM China’s remarkable performance has persisted throughout the current Chinese New Year season, according to President and Executive Director Kenneth Feng, with visitation reaching 95% of 2019 levels. Important indicators of the company’s optimism for the future include the player count, table drop, slot handling, and VIP turnover at both MGM locations, all of which have increased beyond 2019 levels.

Original story by: IAG