MGM China Reports 2023 Annual Results
Record-High Performance Across Segments Growth in Market Share and Margin
The Group is pleased to see a solid recovery in
Visitation has boosted growth of gross gaming revenue (GGR). Industry GGR recorded sequential growth over the quarters last year to reach MOP502 million per day in 2023, recovered to
- MGM China is delighted to see record-high performance across segments last year and continued to outperform industry recovery. Property visitation in 2023 was
106% of 2019. Daily GGR was101% of 2019 and mass GGR (including slot) was134% of pre-COVID levels. - Net revenue of the Group grew by
369% from 2022 toHK , or$24.7 billion 108% of 2019. - The Group saw adjusted EBITDA turnaround from 2022 to historical high of
HK , represented$7.2 billion 117% of 2019. - MGM China had market share of
15.2% for year 2023, up from9.5% in 2019. MGM COTAI market share was8.6% and MGM Macau was6.6% . - Adjusted EBITDA margin for the year
29.3% , 210 basis points higher than 2019, with a mass-focused business and continuous improvement in operational efficiency. - On a quarterly basis, the Group recorded sequential growth for four consecutive quarters over daily GGR, mass GGR and Adjusted EBITDA. Fourth-quarter Adjusted EBITDA was up
16% from previously toHK , with adjusted EBITDA margin of$2.2 billion 28.5% . - The Group maintained a healthy financial position. As of December 31, 2023, the Group had a total liquidity of approximately
HK , comprised of cash, cash equivalents and undrawn revolver.$21.5 billion
The Group is delighted to see business volumes continued to grow in January. Market daily GGR further grew
Kenneth Feng, President and Executive Director of MGM China said: "We are excited about the recovery in
We will 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."
During the year, MGM China has expanded overseas offices in
As a supporter of cultural tourism, MGM again collaborated with world-renowned Portuguese artist Joana Vasconcelos to present a large-scale art installation Valkyrie Miss Dior at MGM COTAI. On the art front, the Group presented at MGM Theater To Infinity and Beyond: The Art of Hsiao Chin, an unprecedented large-scale immersive exhibition as part of Art Macao, a city-wide international event organized by the Macao SAR government. The Group has also announced the collaboration with Poly Culture Group to build a cutting-edge arts and culture museum at MGM
In addition, MGM China is determined to bring in world-class events to
"We strive to develop MGM as a destination for visitors and customers, along with the diversification development of
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About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the
MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
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SOURCE MGM China