MGM China Reports 2024 Interim Financial Data
MGM China Holdings (SEHK: 2282) reported strong financial results for the first half of 2024. Net revenue grew by 52% year-on-year to HK$16.2 billion, reaching 144% of the same period in 2019. Adjusted EBITDA increased by 57% to HK$4.9 billion, surpassing pre-COVID levels at 161% of 2019. The company's market share climbed to 16.5%, up from 14.9% a year ago and 9.5% in 2019. MGM COTAI and MGM MACAU both showed significant improvements in revenue and adjusted EBITDA. The Group maintained a healthy financial position with total liquidity of approximately HK$16 billion. MGM China continues to focus on non-gaming events and international market expansion to align with Macau's vision of becoming a global, diversified tourist destination.
MGM China Holdings (SEHK: 2282) ha riportato risultati finanziari solidi per il primo semestre del 2024. Il fatturato netto è cresciuto del 52% su base annua, raggiungendo i 16,2 miliardi di HK$, corrispondendo al 144% dello stesso periodo del 2019. L'EBITDA rettificato è aumentato del 57% a 4,9 miliardi di HK$, superando i livelli pre-COVID e attestandosi al 161% del 2019. La quota di mercato dell'azienda è salita al 16,5%, rispetto al 14,9% dell'anno scorso e al 9,5% del 2019. MGM COTAI e MGM MACAU hanno mostrato entrambe miglioramenti significativi in termini di fatturato e EBITDA rettificato. Il Gruppo ha mantenuto una posizione finanziaria sana con liquidità totale di circa 16 miliardi di HK$. MGM China continua a concentrarsi su eventi non di gioco ed espansione nei mercati internazionali per allinearsi con la visione di Macao di diventare una destinazione turistica globale e diversificata.
MGM China Holdings (SEHK: 2282) reportó resultados financieros sólidos para el primer semestre de 2024. Los ingresos netos crecieron un 52% interanual, alcanzando los 16,2 mil millones de HK$, llegando al 144% del mismo período en 2019. El EBITDA ajustado aumentó un 57% a 4,9 mil millones de HK$, superando los niveles previos al COVID en un 161% respecto a 2019. La cuota de mercado de la compañía aumentó al 16,5%, en comparación con el 14,9% del año pasado y el 9,5% en 2019. MGM COTAI y MGM MACAU mostraron mejoras significativas en ingresos y EBITDA ajustado. El Grupo mantuvo una sólida posición financiera con una liquidez total de aproximadamente 16 mil millones de HK$. MGM China sigue enfocándose en eventos no relacionados con el juego y en la expansión en mercados internacionales para alinearse con la visión de Macao de convertirse en un destino turístico global y diversificado.
MGM 차이나 홀딩스 (SEHK: 2282)는 2024년 상반기 강력한 재무 결과를 발표했습니다. 순수익은 전년 대비 52% 증가하여 162억 홍콩 달러에 달했습니다, 2019년 같은 기간의 144%에 해당합니다. 조정 EBITDA는 57% 증가하여 49억 홍콩 달러에 달했습니다, 2019년 이전 수준을 161% 초과했습니다. 회사의 시장 점유율은 16.5%로 상승했습니다, 작년의 14.9%와 2019년의 9.5%에서 증가했습니다. MGM COTAI와 MGM MACAU는 모두 수익과 조정 EBITDA에서 상당한 개선을 보였습니다. 그룹은 총 유동성이 약 160억 홍콩 달러에 달하는 건전한 재무 상태를 유지했습니다. MGM 차이나는 마카오의 목표인 글로벌하고 다각화된 관광지로의 발전에 맞춰 비게임 이벤트와 국제 시장 확장에 계속 집중하고 있습니다.
MGM China Holdings (SEHK: 2282) a annoncé des résultats financiers solides pour le premier semestre de 2024. Le revenu net a augmenté de 52 % d'une année sur l'autre, atteignant 16,2 milliards HK$, soit 144 % du même période en 2019. L'EBITDA ajusté a augmenté de 57 % pour atteindre 4,9 milliards HK$, dépassant les niveaux d'avant COVID à 161 % de 2019. La part de marché de l'entreprise a grimpé à 16,5 %, contre 14,9 % l'année dernière et 9,5 % en 2019. MGM COTAI et MGM MACAU ont tous deux montré d'importantes améliorations des revenus et de l'EBITDA ajusté. Le Groupe a maintenu une position financière saine avec une liquidité totale d'environ 16 milliards HK$. MGM China continue de se concentrer sur des événements non liés aux jeux et l'expansion sur le marché international pour s'aligner sur la vision de Macao de devenir une destination touristique mondiale et diversifiée.
MGM China Holdings (SEHK: 2282) berichtete über starke finanzielle Ergebnisse für das erste Halbjahr 2024. Der Nettoumsatz stieg im Jahresvergleich um 52% auf 16,2 Milliarden HK$, was 144% desgleichen Zeitraums im Jahr 2019 entspricht. Das angepasste EBITDA nahm um 57% auf 4,9 Milliarden HK$ zu und übertraf das Niveau vor COVID bei 161% von 2019. Der Marktanteil des Unternehmens stieg auf 16,5%, im Vergleich zu 14,9% im vergangenen Jahr und 9,5% im Jahr 2019. MGM COTAI und MGM MACAU verzeichneten beide erhebliche Verbesserungen bei Umsatz und angepasstem EBITDA. Die Gruppe hielt eine gesunde Finanzlage mit einer Gesamtl Liquidität von etwa 16 Milliarden HK$. MGM China konzentriert sich weiterhin auf nicht-spielbezogene Veranstaltungen und die internationale Markterweiterung, um sich mit der Vision von Macao, ein globales und diversifiziertes Touristenziel zu werden, in Einklang zu bringen.
- Net revenue grew by 52% year-on-year to HK$16.2 billion, reaching 144% of 2019 levels
- Adjusted EBITDA increased by 57% to HK$4.9 billion, surpassing pre-COVID levels at 161% of 2019
- Market share climbed to 16.5%, up from 14.9% a year ago and 9.5% in 2019
- Adjusted EBITDA margin reached a record high of 30.5%
- Average occupancy rate increased to 93.9%
- Total liquidity of approximately HK$16 billion, indicating a strong financial position
- None.
Insights
MGM China's interim financial data for 2024 reveals a robust performance, significantly outpacing both its 2023 results and pre-pandemic levels. The company's adjusted EBITDA of
The company's market share expansion to
MGM China's liquidity position of approximately
However, investors should note that while the recovery is impressive, the sustainability of this growth rate may be challenging as the base effects of the pandemic recovery diminish. Future growth will likely depend on MGM China's ability to continue gaining market share and expanding its non-gaming offerings to align with Macau's diversification goals.
The Macau gaming market's recovery is gaining momentum, with MGM China capitalizing on this trend. The
MGM China's outperformance is evident in its market share gain and property-specific metrics. The company's focus on the mass market segment aligns well with Macau's regulatory direction and appears to be paying off, as reflected in the record-high EBITDA margin.
The company's efforts to diversify its offerings through non-gaming events, such as concerts and art exhibitions, are strategically sound. These initiatives not only enhance MGM's appeal to a broader audience but also support Macau's vision of becoming a global, diversified tourist destination.
The expansion into international markets, particularly Southeast Asia, through promotional campaigns in Bangkok, is a forward-thinking move. As Macau seeks to reduce its reliance on mainland Chinese visitors, tapping into new source markets could provide MGM China with a competitive edge.
However, the sustainability of MGM China's growth rate and market share gains will be tested as the overall market recovery matures. The company's ability to continue innovating and differentiating its offerings will be important in maintaining its competitive position in an increasingly normalized operating environment.
Adjusted EBITDA up
Market Share Reached
The Group is pleased to see
Gross gaming revenue (GGR) in
- MGM China continued to outperform the market amid of industry recovery. Property visitation was up
85% year-on-year or represented153% of 2019. Net revenue grew by52% year-on-year toHK for the Period, reached$16.2 billion 144% of same period in 2019. - The Group reported adjusted EBITDA of
HK for the Period, grew by$ 4.9 billion 57% from a year ago. Adjusted EBITDA surpassed pre-COVID level at161% of same period in 2019. - We are glad to see market share further climbed to
16.5% for the Period, from14.9% a year ago and9.5% in 2019. MGM COTAI market share was9.8% and MGMMACAU market share was6.7% . - Adjusted EBITDA margin for the Period reached record high of
30.5% , compared to29.7% for same period in 2023 and27.2% in 2019. It was attributed to our mass-focused business and continuous improvement in operational efficiency. - Average occupancy was
93.9% for the Period (1H23:91.7% ). - On a property basis, MGM COTAI recorded revenue of
HK (1H23:$9.5 billion HK ) and an adjusted EBITDA of$5.7 billion HK (1H23:$2.8 billion HK ).$1.7 billion - MGM
MACAU had revenue ofHK (1H23:$6.8 billion HK ) and an adjusted EBITDA of$4.9 billion HK (1H23:$2.1 billion HK ).$1.5 billion - On a quarterly basis, Market daily visitation in second quarter 2024 reached
79% of pre-COVID levels. Daily GGR reached77% of 19Q2. Mass GGR was estimated to be111% of 19Q2. - MGM China, in the second quarter, saw property visitation exceeded pre-COVID levels to
156% of same period in 2019. Daily GGR was134% of 19Q2. Mass GGR was185% of same period in 2019. - Revenue of the Group was
HK ,$8.0 billion 144% of 19Q2. Adjusted EBITDA wasHK ,$2.4 billion 168% of 19Q2. Adjusted EBITDA margin was30.7% (19Q2:26.3% ). - The Group maintained a healthy financial position. As of June 30, 2024, the Group had total liquidity of approximately
HK , comprised of cash and cash equivalents and undrawn revolver.$16 billion
With a guest-centric focus, MGM is awarded in February seven Five-Star awards by Forbes Travel Guide 2024. This demonstrates our leading position in the hospitality industry and its commitment to providing the finest service and resort amenities.
During the Period, MGM China has proudly delivered a series of non-gaming events and excitements to
Joining the Macao Government's initiative to expand international market reach, the Group hosted in June its first large-scale overseas promotional campaign in
Kenneth Feng, President and Executive Director of MGM China said: "We are delighted to see our continuous growth and outperformance driven by our deep understanding and customers and our ability to adapt swiftly to their preferences.
"We are committed to bringing more unique and integrated experiences to our customers, to align our offerings with the Macau Government's vision to develop the city into a global and diversified tourist destination," said Kenneth Feng.
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
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