STOCK TITAN

MGM China Reports 2024 Nine-Month Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags

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.

Positive
  • 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
Negative
  • 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, reaching 137% of 2019 levels
  • Adjusted EBITDA of HK$6.9 billion, up 37% from 2023 and 150% of 2019 levels
  • Market share increased to 15.9% from 9.5% in 2019
  • Strong liquidity position of HK$17.2 billion
The company's mass-focused business strategy and operational efficiency improvements have driven EBITDA margins to 29.5%, up 240 basis points from 2019. Both properties showed strong performance, with MGM COTAI generating HK$13.7 billion in revenue and MGM MACAU contributing HK$9.8 billion. The ongoing capital improvements and focus on non-gaming attractions position the company well for sustained growth.

Visitation Revenue Adjusted EBITDA Posted Year-on-Year Growth

All Surpassed 2019 Levels

HONG KONG, Oct. 30, 2024 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three and nine months ended September 30, 2024 (the "Period").

The Group is pleased to see the momentum in Macau continued this year following a solid recovery in 2023. For the nine months ended September 30, Macau saw average daily visitor arrival reach 94,602, up by 30% from last year, recovered to 86% of pre-COVID 2019 levels.

Visitation recovery has supported growth of gross gaming revenue (GGR). Industry GGR per day rose 31% year-to-year to MOP618 million for the Period, representing 77% of pre-COVID 2019 levels. Year-to-date mass GGR was up approximately 33%, reached 111% of 2019 levels.

  • 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, represented 157% of 2019 levels. Daily GGR and mass GGR (including slot) were up 40% and 46% respectively from last year, represented 129% and 180% respectively of 2019.
  • Net revenue for the Period grew by 38% year-on-year, reached 137% of 2019 levels.
  • The Group reported adjusted EBITDA of HK$6.9 billion, up 37% from 2023, posted 150% of 2019 levels.
  • Market share in Macau was 15.9% year-to-date, up from 9.5% in FY2019. MGM COTAI market share was 9.4% and MGM MACAU market share was 6.5%.
  • Adjusted EBITDA margin for the Period was 29.5%, 240 basis points higher than 27.1% in same period 2019, with a mass-focused business and continuous improvement in operational efficiency.
  • On a property basis, MGM MACAU recorded revenue of HK$9.8 billion for the Period (2023: HK$7.8 billion) and an adjusted EBITDA of HK$2.9 billion (2023: HK$2.3 billion).
  • MGM COTAI had revenue of HK$13.7 billion for the period (2023: HK$9.2 billion) and an adjusted EBITDA of HK$4.0 billion (2023: 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$17.2 billion, comprised of cash, cash equivalents and undrawn revolver.
  • 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 Macau. We have hosted in January an outdoor concert with Bruno Mars, the 15-time Grammy Awards-winner. We had also presented with world-renowned musician Tan Dun his symphonic masterpiece Buddha Passion at the MGM Theater at MGM COTAI. As a supporter of cultural tourism, MGM has showcased an exhibition with renowned Chinese contemporary artist Ren Zhe in his first-ever solo Macau show, MGM X Ren Zhe – 'Legends of Chivalry' Art Exhibition, featuring art pieces of classic characters from Jin Yong's martial arts novels.

In June, the Group had partnered with Robb Report Hong Kong to host the second edition of Asia's only MGM x RR1HK Culinary Masters event at MGM COTAI. The culinary event, supported by the Macao Government Tourism Office, has attracted over 400 guests, six internationally acclaimed chefs, and global diners from 10 countries for an epic gastronomic journey in Macau.

Outside our properties, MGM China had joined effort to promote tourism in Macau. The Group had also launched in July in the world heritage A-Ma Temple area the "Summer Hype" series of art, retail, leisure activities, to enhance revitalization and community engagement efforts in the Barra district.

Joining the Macao Government's initiative to expand international market reach, the Group hosted in June its first large-scale overseas promotional campaign in Bangkok, Thailand and participated in the Experience Macao roadshow in Bangkok organized by the Macao Government Tourism Office, to attract more visitors from Southeast Asia.

Kenneth Feng, President and Executive Director of MGM China said: "We are delighted to see the recovery in Macau, along with the diversification development of the city. We are committed to developing Macau into a global and diversified tourist destination through our concession commitments.

"Meanwhile, we are also investing in several capital improvements across our properties. These initiatives include the renovation of our MGM MACAU villas and converting some hotel rooms at MGM COTAI into suites. We are also preparing the upcoming launch of our residency show "Macau 2049" by the end of this year. We are devoted in enhancing the stay for our customers, driving organic visitation and bringing in unique experience for Macau visitors," 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 Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. 

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.

Cision View original content:https://www.prnewswire.com/news-releases/mgm-china-reports-2024-nine-month-results-302292164.html

SOURCE MGM China

FAQ

What was MGM China's revenue growth in the first nine months of 2024?

MGM China's net revenue grew by 38% year-on-year, reaching 137% of 2019 levels.

What is MGM China's current market share in Macau?

MGM China's market share in Macau was 15.9% year-to-date, up from 9.5% in FY2019, with MGM COTAI at 9.4% and MGM MACAU at 6.5%.

How much adjusted EBITDA did MGM China (MCHVY) report for the first nine months of 2024?

MGM China reported adjusted EBITDA of HK$6.9 billion, up 37% from 2023, representing 150% of 2019 levels.

What was MGM China's liquidity position as of September 30, 2024?

As of September 30, 2024, MGM China had a total liquidity of approximately HK$17.2 billion, including cash, cash equivalents and undrawn revolver.

MGM RESORTS INTERNATIONAL

NYSE:MGM

MGM Rankings

MGM Latest News

MGM Stock Data

11.32B
230.04M
22.73%
69.74%
4.68%
Resorts & Casinos
Hotels & Motels
Link
United States of America
LAS VEGAS