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MGM China’s second quarter results have exceeded its 2019 numbers

Under its new gaming concession, MGM’s two integrated resorts were awarded almost 200 more gaming tables.

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Under its new gaming concession, MGM’s two integrated resorts were awarded almost 200 more gaming tables.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:28 pm

MGM China reported net revenues of US$714 million for the second quarter of 2023, an increase of 5 percent when compared to the second quarter of 2019.

Compared to the same quarter last year – when Macao was under heavy pandemic-related restrictions – net revenue this year has increased by 418 percent.

[See more: More big names have signed up for the MGM Macau Tennis Masters]

Adjusted property EBITDAR this quarter was US$209 million; an increase of 21 percent when compared to the second quarter of 2019. Combined, MGM Macau and MGM Cotai have 198 more gaming tables than they did in 2022. As of 1 January 2023, the group is permitted to operate a total of 750 gaming tables. The total number of gaming tables currently in Macao stand at 6,000.

According to IAG, the company is poised to double its international sales and marketing team. It’s also set to leverage its international MGM Resorts network to make gains in the overseas market.

In the second quarter of 2023, MGM Macau had a room occupancy rate of 94 percent, while MGM Cotai was at 92 percent. 

 

UPDATED: 21 Dec 2023, 11:28 pm

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