MGM China has announced first quarter net revenue this year of HK$8.3 billion, an increase of nearly 71 percent year-on-year or a recovery of 143 percent in comparison to the first three months of pre-pandemic 2019.
MGM Macau generated HK$3.5 billion, an increase of around 52 percent in relation to the first quarter of last year, while MGM Cotai accounted for HK$4.8 billion, a growth of 92 percent against the HK$2.5 billion registered in the first three months of 2023.
The casino operator said that its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was a record HK$2.5 billion during the first quarter, representing a growth of some 77 percent year-on-year.
[See more: Macao’s gross gaming revenue dipped slightly in April]
The casino operator has confirmed that it will be making dividend payments of HK$0.347 per share for 2023. The president of MGM China, Kenneth Feng, said the resumption of payments “demonstrates our confidence in the future of Macau and MGM China, along with our commitment on bringing return on investment to shareholders.”
He also said the company’s performance in the first three months of 2024 reflected “our deep understanding of customers.”
Group-wide, MGM Resorts saw a first quarterly revenue of US$4.4 billion, a rise of 13 percent in comparison to the corresponding period last year. Reports noted that the performance was mostly due to the strong performances in MGM’s operations in the Macao and Las Vegas markets.
