MGM records all-time high in revenues as casino shares hit 20%

Last year was MGM China’s best in terms of income collected, hitting 20% market share.

In an earnings report, the gaming operator revealed all-time highs for 4Q23 and entire year Adjusted Property EBITDAR, posting net revenues of HKD24.7 billion, up 369% year-on-year, and up to 9% comparted to 2019.

The casino operator also recorded adjusted EBITDA at a historical high of HKD7.2 billion, representing 117% of 2019 levels.

“Looking ahead in Macau, our exceptional results for 2023 have carried into the first 45 days of 2024, driven by successful events, including a Bruno Mars concert at the MGM Cotai driving strong visitation to our properties.”

“Demand in our properties for Chinese New Year’s, which is also going on now, is also very strong,” said Bill Hornbuckle, president and CEO of the gaming operator.

“As we look further into the year, the Macau government has set a target of 33 million visitors in 2024, reflecting a 17% increase year over year. This is a testament to our team’s continuous innovation and crafting compelling experiences for our predominantly premium mass clientele,” he added.

The executive revealed that MGM’s focus on its Macau operations are based on three priorities: implementing strategic adjustments to its casino floor and existing room offerings to optimize yield, prioritizing the needs of its mass and premium mass customers, and actively driving international tourism.

MGM Macau recorded revenue of HKD3.05 billion and adjusted property EBITDAR of HKD824.7 million in the fourth quarter, while MGM Cotai recorded HKD4.62 billion and HKD1.37 billion respectively.

“Macau is doing amazingly well. I know some of our competitors are wondering what we’re doing. [Kenneth Feng] and the team broke through 20% in the month of January for market share,” Hornbuckle added.

“Macau is well-positioned. We’ve ended up in a great space in digital, and we’re in the game for real for the long haul, and so you’ll see us continue to do that.”