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MGM China has announced its financial results for the first quarter of 2024, showing significant recovery from the challenges posed by the Covid-19 pandemic.
MGM China experienced sequential growth across its various segments. Daily gross gaming revenue (GGR) reached 136% of the levels recorded in the first quarter of 2019, before the pandemic hit. Mass GGR, which includes revenue from slot machines, soared to 189% of pre-Covid levels.
The group’s net revenue surged to HK$8.3bn (US$1.06bn), marking a substantial increase of 70.6% from the same quarter last year and reaching 143% of the revenue recorded in the first quarter of 2019.
One of the highlights of the report was the record-high adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which stood at HK$2.5bn, representing a remarkable growth of 77.3% compared to the same quarter last year and reaching 155% of the first quarter of 2019.
Moreover, MGM China witnessed a surge in market share in Macau, climbing to 17% in the first quarter of 2024, compared to 15.2% in 2023 and 9.5% in 2019. The market share for MGM Cotai stood at 10.1%, while MGM Macau captured 6.9% of the market during the period.
Kenneth Feng, President and Executive Director of MGM China, attributed the outstanding performance to the company’s deep understanding of customers and continuous innovation in providing compelling experiences. He expressed commitment to offering unique and integrated experiences to align with the Macau Government’s vision of developing the city into a global tourist destination.
The Board also proposed a final dividend of HK$0.243 per share and a special dividend of HK$0.104 per share, totaling HK$0.347 per share for the year 2023.
