MGM China revenue grows to HKD10.5b in H1, focuses on expanding tables

MGM China has announced revenues of HKD820.9 million for the first half of the year, compared to a loss of HKD2.4 billion for the same period in 2022.

In an announcement, the gaming operator said it continued to outperform the market amid an industry recovery.

The group’s net revenue grew 231.2% year-on-year to HK$10.6 billion for the period. 

Between January and July, revenues from the gaming industry in Macau grew 263%, compared to the same period in 2022, according to data from the Gaming Inspection and Coordination Bureau, reaching MOP96.8 billion, against MOP174 billion collected in the same period of 2019.

MGM China, in the second quarter, saw visitation recover to 95% of the second quarter of 2019. Daily gross gaming revenue (GGR) was 98% of the second quarter of 2019, said the group. 

Under the gaming concession contract effective January 1, 2023, the group is entitled to operate a total of 750 gaming tables, compared with 552 gaming tables previously, which represents a 36% increase.

All tables were licensed and the current phase of deployment optimization of all tables will complete in the third quarter. In the future, the group pledged that it would continue to invest in its gaming floor to enhance table yield.

In an earnings call with analysts, CEO and president of MGM Resorts Bill Hornbuckle said, “Just a few weeks ago, we reconfigured an enhanced Pit 7 at MGM Macau, and the Lotus Room at MGM Cotai and expect to complete the deployment optimization in Q3 of our tables.”

“In Macau, we are focused on four key priorities: activating our incremental 200 tables; making optimistic changes to our casino floor to maximize yield; taking care of our premium mass customers; and driving international customers to our property through our global branch office network,” he added. LV