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MGM China revenue grows 5% in Q3

MGM China said in a statement on Wednesday that its total revenue rose 5 percent to HK$3.68 billion in the third quarter from the previous quarter.

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UPDATED: 22 Dec 2023, 5:47 am

MGM China said in a statement on Wednesday that its total revenue rose 5 percent to HK$3.68 billion in the third quarter from the previous quarter.

According to the statement, adjusted EBITDA grew 3 percent quarter-on-quarter to HK$1.05 billion. Adjusted EBITDA margin stood at 28.5 percent in the third quarter.

The statement pointed out that MGM China recorded “sequential improvement in all gaming segments, with approximately 80 percent of profit contributed by the main floor”.

The statement also said that “MGM MACAU saw market share improve each month” during the third quarter, without elaborating. The company said it would remodel MGM MACAU’s “main floor with additional retail space to create further diversified experiences for our visitors”.

According to the statement, the company is in the “final stage” of preparing the opening of MGM COTAI on January 29 next year. The statement promised “mind-blowing entertainment experiences” at its upcoming resort in Cotai, which will include a theatre with resident shows.
The statement pointed out that MGM COTAI will also feature a “unique art collection of more than 300 pieces of contemporary art with themes of bridging East and West, tradition and technology.”

According to the statement, the resort in Cotai “will become Macau’s most creative culinary destination with ‘first-to-Macau’ dining concepts curated by world-renowned Michelin-starred chefs and regional Chinese cuisines.”

The statement quoted Grant Bowie, chief executive officer and executive director of MGM China, as saying his company was “confident in Macau’s long-term prospects” and “looking forward to expanding our presence and capturing the growth opportunities in this dynamic market.”

UPDATED: 22 Dec 2023, 5:47 am

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