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MGM China reports record-breaking Adjusted Property EBITDAR figures

February 14, 2024 Macau Casino & HotelIndustry Updates

With fourth-quarter and annual Adjusted Property EBITDAR results that broke records, concessionaire MGM China of Macau has had a remarkable year.

The December quarter’s Adjusted Property EBITDAR for MGM China was US$262 million, a substantial improvement over the US$55 million loss for the same time in 2022 and a 42% increase over the same period in 2019. This was fueled by a stunning 462% year-over-year increase in net sales to US$983 million, up 35% from the fourth quarter of 2019.

The exceptional achievement was brought about by the lifting of COVID-19-related entrance limitations in Macau in January 2023, as well as by an increase in visitors and an expansion of the number of tables that were allowed. MGM China also made money from the new 10-year gaming license granted by the Macau government, which included 200 more gaming tables.

MGM China reported $867 million in Adjusted Property EBITDA for FY23, with an EBITDA margin of 27.5%. In sharp contrast to the US$203 million loss incurred the previous year, this represented an 18% rise over 2019. Net sales for FY23 are expected to reach US$3.2 billion, gaining 368% from the year before and 9% from 2019.

The supplementary results report of MGM China indicates that there was a 25% increase in gross gaming revenues at MGM Macau and MGM Cotai during the fourth quarter of 2019 compared to the previous year. For the year, mass floor wins brought in US$2.7 billion, up 43% from 2019.

A total of HK$4.62 billion (US$590.8 million) and HK$1.37 billion (US$175.2 million) in revenue were reported by MGM Cotai in 4Q23, while HK$3.05 billion (US$390.0 million) and HK$824.7 million (US$105.5 million) were reported by MGM Macau.

Additionally, the parent business, MGM Resorts, broke records in Macau and Las Vegas. $1.2 billion in consolidated Adjusted EBITDAR, $313 million in net income for MGM Resorts, and $4.4 billion in combined sales were recorded in the fourth quarter.

The company’s success, according to MGM CEO and President Bill Hornbuckle, may be due to its premium products and placement in Las Vegas, which allow it to benefit more from major events like the Super Bowl and the first Formula One race. With reference to the commencement of the Marriott connection, prospects for increasing conference room nights, and the foreign mix, he conveyed optimism for 2024.

Original story by: IAG

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