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MGM China releases its third quarter results

Kenneth Feng, president and executive director, said the operator was excited about Macao’s continued recovery and diversification.

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Kenneth Feng, president and executive director, said the operator was excited about Macao’s continued recovery and diversification.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:06 pm

MGM China says it is outpacing other concessionaires in terms of post-pandemic visitor recovery and gross gaming revenue.

In a statement yesterday, the gaming operator said that visitor numbers to its properties, during the three months ending September, were 121 percent of those in the comparable quarter of 2019. It added that its daily gross gaming revenue (GGR) had slightly exceeded the level set in the third quarter of 2019 – the last year before the Covid-19 pandemic struck.  

MGM China compared these figures to overall daily visitor arrivals in Macao for the third quarter, which stood at 84 percent of their pre-Covid level, and industry-wide GGR, which the operator said was 69 percent of that recorded in the third quarter of 2019.

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Compared to 2019, MGM China’s net revenue grew by 10 percent to HK$6.4 billion for the quarter. 

It reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of HK$1.9 billion for the quarter. The figure is 122 percent of 2019’s third-quarter total and compares favourably to industry EBITDA in the third quarter of this year, which MGM estimated at 80 percent of the same period in 2019.

Kenneth Feng, president and executive director of MGM China said: “We are excited about the recovery in Macao, along with the diversification development of the city. We will continue investing in the gaming floor to enhance table yield. At the same time, we are committed to bringing in more unique integrated tourism experiences to attract international visitors.”

 

UPDATED: 21 Dec 2023, 11:06 pm

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