MGM China Reports 2024 Nine-Month Results
MGM China reported strong performance for the first nine months of 2024, with key metrics surpassing pre-COVID 2019 levels. The company's net revenue grew 38% year-on-year, reaching 137% of 2019 levels, while adjusted EBITDA increased 37% to HK$6.9 billion, representing 150% of 2019 levels. Market share in Macau expanded to 15.9% year-to-date, up from 9.5% in FY2019. MGM COTAI generated revenue of HK$13.7 billion with adjusted EBITDA of HK$4.0 billion, while MGM MACAU recorded revenue of HK$9.8 billion with adjusted EBITDA of HK$2.9 billion. The Group maintained strong liquidity of HK$17.2 billion.
MGM China ha riportato un'ottima performance per i primi nove mesi del 2024, con indicatori chiave che superano i livelli pre-COVID del 2019. Il fatturato netto dell'azienda è cresciuto del 38% su base annua, raggiungendo il 137% dei livelli del 2019, mentre l'EBITDA rettificato è aumentato del 37% a HK$6,9 miliardi, pari al 150% dei livelli del 2019. La quota di mercato a Macao è aumentata al 15,9% dall'inizio dell'anno, rispetto al 9,5% dell'anno fiscale 2019. MGM COTAI ha generato un fatturato di HK$13,7 miliardi con un EBITDA rettificato di HK$4,0 miliardi, mentre MGM MACAU ha registrato un fatturato di HK$9,8 miliardi con un EBITDA rettificato di HK$2,9 miliardi. Il Gruppo ha mantenuto una forte liquidità di HK$17,2 miliardi.
MGM China informó de un sólido desempeño durante los primeros nueve meses de 2024, con métricas clave que superan los niveles de 2019, previos a la COVID. Los ingresos netos de la compañía crecieron un 38% interanual, alcanzando el 137% de los niveles de 2019, mientras que el EBITDA ajustado aumentó un 37% a HK$6,9 mil millones, representando el 150% de los niveles de 2019. La cuota de mercado en Macao se expandió al 15,9% hasta la fecha, frente al 9,5% en el ejercicio fiscal de 2019. MGM COTAI generó ingresos de HK$13,7 mil millones con un EBITDA ajustado de HK$4,0 mil millones, mientras que MGM MACAU registró ingresos de HK$9,8 mil millones con un EBITDA ajustado de HK$2,9 mil millones. El Grupo mantuvo una sólida liquidez de HK$17,2 mil millones.
MGM 차이나는 2024년 첫 9개월 동안 강력한 실적을 보고했으며, 주요 지표가 COVID 이전의 2019년 수준을 초과했습니다. 회사의 순수익은 전년 대비 38% 증가하여 2019년 수준의 137%에 도달했으며, 조정된 EBITDA는 37% 증가하여 HK$6.9억에 달해 2019년 수준의 150%를 나타냈습니다. 마카오의 시장 점유율은 연초 대비 15.9%로 증가했으며, 2019 회계 연도의 9.5%에서 상승했습니다. MGM 코타이는 HK$13.7억의 수익을 창출했으며, 조정된 EBITDA는 HK$4.0억에 달했습니다. 동시에 MGM 마카오는 HK$9.8억의 수익과 HK$2.9억의 조정된 EBITDA를 기록했습니다. 그룹은 HK$17.2억의 강력한 유동성을 유지했습니다.
MGM China a rapporté une performance solide pour les neuf premiers mois de 2024, avec des indicateurs clés dépassant les niveaux de 2019 avant la COVID. Le chiffre d'affaires net de l'entreprise a augmenté de 38% d'une année sur l'autre, atteignant 137% des niveaux de 2019, tandis que l'EBITDA ajusté a bondi de 37% à HK$6,9 milliards, représentant 150% des niveaux de 2019. La part de marché à Macao a été étendue à 15,9% depuis le début de l'année, contre 9,5% pour l'exercice 2019. MGM COTAI a généré un chiffre d'affaires de HK$13,7 milliards avec un EBITDA ajusté de HK$4,0 milliards, tandis que MGM MACAU a enregistré un chiffre d'affaires de HK$9,8 milliards avec un EBITDA ajusté de HK$2,9 milliards. Le Groupe a maintenu une forte liquidité de HK$17,2 milliards.
MGM China berichtete über eine starke Leistung in den ersten neun Monaten des Jahres 2024, wobei die wichtigsten Kennzahlen die Niveaus von 2019, vor COVID, übertrafen. Der Nettoumsatz des Unternehmens wuchs im Jahresvergleich um 38% und erreichte 137% der Niveaus von 2019, während das bereinigte EBITDA um 37% auf HK$6,9 Milliarden stieg und 150% der Niveaus von 2019 repräsentiert. Der Marktanteil in Macao erhöhte sich bis heute auf 15,9%, im Vergleich zu 9,5% im Geschäftsjahr 2019. MGM COTAI erwirtschaftete Einnahmen von HK$13,7 Milliarden mit einem bereinigten EBITDA von HK$4,0 Milliarden, während MGM MACAU Einnahmen von HK$9,8 Milliarden und ein bereinigtes EBITDA von HK$2,9 Milliarden verzeichnete. Die Gruppe hielt eine starke Liquidität von HK$17,2 Milliarden aufrecht.
- Net revenue grew 38% YoY, reaching 137% of 2019 levels
- Adjusted EBITDA increased 37% to HK$6.9 billion, 150% of 2019 levels
- Market share expanded to 15.9% from 9.5% in FY2019
- Daily GGR and mass GGR up 40% and 46% YoY respectively
- Strong liquidity position of HK$17.2 billion
- EBITDA margin improved to 29.5%, up 240 basis points from 2019
- None.
Insights
MGM China's Q3 2024 results demonstrate remarkable growth and market share gains. Key highlights include:
- Net revenue grew
38% year-over-year, reaching137% of 2019 levels - Adjusted EBITDA of
HK$6.9 billion , up37% from 2023 and150% of 2019 levels - Market share increased to
15.9% from9.5% in 2019 - Strong liquidity position of
HK$17.2 billion
Visitation Revenue Adjusted EBITDA Posted Year-on-Year Growth
All Surpassed 2019 Levels
The Group is pleased to see the momentum in
Visitation recovery has supported growth of gross gaming revenue (GGR). Industry GGR per day rose
- MGM China continues to outperform industry recovery compared to pre-COVID levels. Year-to-date property visitation per day in 2024 was up
65% from 2023, represented157% of 2019 levels. Daily GGR and mass GGR (including slot) were up40% and46% respectively from last year, represented129% and180% respectively of 2019. - Net revenue for the Period grew by
38% year-on-year, reached137% of 2019 levels. - The Group reported adjusted EBITDA of
HK , up$6.9 billion 37% from 2023, posted150% of 2019 levels. - Market share in
Macau was15.9% year-to-date, up from9.5% in FY2019. MGM COTAI market share was9.4% and MGMMACAU market share was6.5% . - Adjusted EBITDA margin for the Period was
29.5% , 240 basis points higher than27.1% in same period 2019, with a mass-focused business and continuous improvement in operational efficiency. - On a property basis, MGM
MACAU recorded revenue ofHK for the Period (2023:$9.8 billion HK ) and an adjusted EBITDA of$7.8 billion HK (2023:$2.9 billion HK ).$2.3 billion - MGM COTAI had revenue of
HK for the period (2023:$13.7 billion HK ) and an adjusted EBITDA of$9.2 billion HK (2023:$4.0 billion HK ).$2.7 billion - The Group maintained a healthy financial position. As of September 30, 2024, the Group had a total liquidity of approximately
HK .2 billion, comprised of cash, cash equivalents and undrawn revolver.$17 - During the Period, MGM China had distributed a final and special dividend following reviewing the earnings, financial position and ongoing capital requirement after FY2023, followed by another special dividend in August. The dividend amount represents approximately
50% of the Group's profit attributable to owners of the Company.
With a guest-centric focus, MGM is awarded during the Period 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
In June, the Group had partnered with Robb Report Hong Kong to host the second edition of
Outside our properties, MGM China had joined effort to promote tourism in
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 the recovery in
"Meanwhile, we are also investing in several capital improvements across our properties. These initiatives include the renovation of our MGM
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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