MGM quarterly EBITDA increased by 14%. MGM China Holdings Ltd, the operator of a casino in Macau, announced adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) of slightly more than HKD1.98 billion (US$255.3 million) for the third quarter. According to a document made to the Hong Kong Stock Exchange on Thursday, the result was down 18.8 from the previous quarter but up 5.3 percent from a year ago.
MGM quarterly EBITDA increased 14.0 percent year over year to around HKD7.25 billion. Revenue decreased from HKD7.96 billion in the second quarter by 8.9 percent sequentially.
The resorts MGM Macau on the Macau peninsula and MGM Cotai in the Cotai neighborhood of the city are operated by MGM China. The U.S.-based casino company MGM Resorts International owns the majority of the business.
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In the three months ending September 30, MGM Macau’s property-based revenue was HKD3.04 billion, which was 5.8% higher than a year ago but 6.7% lower than a quarter earlier. At HKD801.5 million, the property’s adjusted EBITDA was down 18.6 percent sequentially and 9.0 percent from the previous year.
In the third quarter of 2024, MGM Cotai’s revenue was close to HKD4.21 billion, up 20.8 percent from the previous year but down 10.4 percent from the previous quarter. At HKD1.18 billion, adjusted EBITDA was 17.8% higher than a year ago but 18.9% lower on a sequential basis.
MGM China expressed its satisfaction in a separate news release, saying that the momentum in Macau “continued this year, following a solid recovery in 2023.”
MGM China, a Hong Kong-listed business, releases quarterly highlights in addition to interim and full-year results.
“MGM China continues to outperform industry recovery compared to pre-Covid levels,” commented the company. It added that up to September 30, the average number of visitors per day to its properties “was up 65 percent from 2023,” and “represented 157 percent of 2019 levels”.
The casino operator claims that in the first nine months of 2024, mass gross gaming revenue (GGR), which includes slot machine income, and daily GGR “were up 40 percent and 46 percent respectively from last year.”
The business also stated that daily GGR and mass GGR “represented 129 percent and 180 percent respectively of 2019.”
According to MGM China, its adjusted EBITDA for the nine months ending September 30 was HKD6.93 billion, up 37% from 2023 and 150% from the same time in 2019.
According to the corporation, its market share in terms of Macau GGR has increased from 9.5 percent in 2019 to 15.9 percent so far this year.
According to the press release, MGM China’s president and executive director, Kenneth Xiaofeng Feng, stated that the business was “investing in several capital improvements” throughout its locations.
“These initiatives include the renovation of our MGM Macau villas and converting some hotel rooms at MGM Cotai into suites,” he added.
Mr Feng mentioned: “We are also preparing the upcoming launch of our residency show ‘Macau 2049’ by the end of this year. We are devoted in enhancing the stay for our customers, driving organic visitation and bringing in unique experience for Macau visitors.”
In August, MGM China announced a special dividend that cost little more than HKD1.34 billion. In March of this year, the gambling company resumed paying dividends after the Covid-19 outbreak had a detrimental impact on its operations in previous years.
For the three months ending September 30, the parent company, MGM Resorts, recorded group-wide net income of US$184.6 million on sales of US$4.18 billion, up 5.3 percent year over year.
Recently MGM Cotai announced that they will convert 160 rooms into 60 suites
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