Macao casino operator, MGM China, recorded a revenue of HK$7.92 billion (US $1.02 billion) in the final quarter of last year, an increase of around 3.13 percent over the HK$7.68 billion (US$990 million) registered during the same period in 2023.
According to the company’s financial statement, MGM’s property in the peninsula accounted for HK$3.34 billion (US$430 million) of the total revenue, with MGM Cotai making up the remaining HK$4.58 billion (US$590 million).
Meanwhile adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled HK$2.13 billion (US$270 million) during the last three months of 2024, a decline of 2.74 percent against the HK$2.19 billion (US$280 million) reported in the fourth quarter of 2023.
The adjusted EBITDA in the MGM Macau property grew by 10.4 percent to HK$910.6 million (US$116.92 million) year-on-year. By contrast, MGM Cotai registered an adjusted EBITDA of HK$1.22 billion (US$160 million), representing a drop of 10.95 percent over the fourth quarter of 2023.
As for the full year, MGM China’s revenue hit HK$31.39 billion (US$4.03 billion), a surge of 27 percent year-on-year. The cumulative adjusted EBITDA for 2024 hit a total of around HK$9.06 billion (US$1.16 billion), a jump of some 25 percent over the year before.
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MGM China’s parent company, MGM Resorts International, said its revenue hit US$17.2 billion in 2024, a year-on-year increase of 7 percent. MGM Resorts International noted that this jump was largely a result of the “increase in revenue at MGM China.”
The parent company’s 2024 adjusted EBITDA also grew from US$2.3 billion to US$2.4 billion.
On its performance for this year, MGM China noted in another statement that it had “continued to outperform industry recovery in 2024,” adding that the number of visitors entering its property rose by 54 percent year-on-year.
The gaming operator added that its market share had also reached an “all-time high of 15.8 percent” last year, an increase over 2023’s 15.2 percent.
Regarding the recent Chinese New Year holiday, the president of MGM China, Kenneth Fong, said in a recent earnings call that the company’s performance was “solid,” with foot traffic and gaming levels both increasing year-on-year.