MGM China has released its mid-year financial report, showing robust results for the first half of 2024. The gaming concessionaire’s net revenue grew by 52 percent year-on-year, coming in at HK$16.2 billion. That’s 144 percent of what it earned during the same period in 2019, prior to the industry-wide slump caused by the Covid-19 pandemic.
The company’s two properties’ combined adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) also saw a 57 percent year-on-year growth, standing at HK$4.9 billion at the end of June. Compared with 2019, that’s a 161 percent gain.
President and executive director of MGM China Kenneth Feng attributed the “continuous growth and outperformance” to a deep understanding of its customer base and the ability to “adapt swiftly” to their preferences.
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One of six gaming operators in Macao, MGM China’s market share grew from 9.5 percent in 2019 to 16.5 percent in June. It ended 2023 with a 14.9 percent share.
MGM China was the first concessionaire in Macao to start using smart tables (also known as radio frequency identification (RFID) tables) in its casinos, a move considered the main reason it almost doubled its market share.
By property, MGM Cotai generated HK$9.5 billion in net revenue and had an adjusted EBITDA of HK$2.8 billion during the second half of the year. MGM Macau, meanwhile, generated HK$6.8 billion in net revenue and had an adjusted EBITDA of HK$2.1 billion.
Overall, MGM China reported that property visitations during the second half of the year exceeded pre-Covid levels by 156 percent.
