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MGM China’s adjusted earnings reach a ‘historic high’

The casino operator’s revenues have also comfortably exceeded pre-pandemic levels, according to its latest published results.

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MGM China’s net revenues for 2023 reached HK$24.7 billion, or 108 percent of the total logged in pre-pandemic 2019, the company announced yesterday in a regulatory filing.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at a “historical high” of HK$7.2 billion, or 117 percent of 2019’s levels, MGM China said.

On a quarterly basis last year, the Group recorded sequential growth for four consecutive quarters in its daily gross gaming revenue and adjusted EBITDA. Fourth-quarter adjusted EBITDA was up 16 percent from previously to HK$2.2 billion.

[See more: Griekspoor wins the first MGM Macau Tennis Masters]

MGM China said its market share for 2023 stood at 15.2 percent, up from 9.5 percent in 2019. The share of its Cotai property was 8.6 percent, while MGM Macau recorded 6.6 percent market share.

Kenneth Feng, the president and executive director of MGM China said “We are excited about the recovery in Macau and our outperformance across various business segments.”

He added that the casino operator would “continue to innovate our products and services to enhance customer experience. We are also committed to bringing in more unique integrated tourism experiences to attract international visitors.”

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