Record-High Performance and Market Share<\/p>\n
HONG KONG<\/span>, May 2, 2024<\/span> \/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 months ended March 31, 2024<\/span> (the “Period”).<\/p>\n The Group is pleased to see a continuous recovery in Macau<\/span>. Average daily visitor arrival for the Period reached 97,536 up 8%from the previous quarter, recovered to 85% of same period in 2019.<\/p>\n Gross gaming revenue (GGR) in Macau<\/span> also continued to see sequential growth over the quarters. Headline GGR rose 7% quarter-to-quarter to MOP630 million per day in first quarter 2024, represented 74% of same period 2019. \u00a0Most importantly, mass GGR was estimated to be up approximately 5% quarter-to-quarter to hit all-time highs, recovering to approximately 110% of pre-COVID, ramped from 104% in four quarter last year.<\/p>\n MGM China is glad to record sequential growth across segments and growth from 2019, outperformed the industry recovery. Property visitation for the Period was 151% of 2019. Daily GGR was 136% of first quarter 2019. Mass GGR (including slot) was 189% of pre-COVID levels. Net revenue of the Group was HK$8.3 billion<\/span>, increased by 70.6% from same quarter last year, reached 143% of first quarter 2019. The Group saw record high adjusted EBITDA and market share for the Period. Adjusted EBITDA was HK$2.5 billion<\/span>, grew by 77.3% from same quarter last year, represented 155% of first quarter 2019. Market share in Macau<\/span> further climbed to 17% in the first quarter of 2024, compared to 15.2% in 2023 and 9.5% in 2019. During the Period, MGM COTAI market share was 10.1% and MGM MACAU<\/span> was 6.9%. Adjusted EBITDA margin for the Period was 30.3%, highest since post-COVID, improved from 29.2% same quarter last year and 28.1% in first quarter 2019. It was attributed to our mass-focused business and continuous improvement in operational efficiency. Average occupancy was 93.4% for the Period (23Q1: 90.5%; 19Q1: 91.8%). On a property basis, MGM MACAU<\/span> recorded revenue of HK$3.5 billion<\/span> (23Q1: HK$2.3 billion<\/span>; 19Q1: HK$3.4 billion<\/span>) and an adjusted EBITDA of HK$1.1 billion<\/span> (23Q1: HK$695 million<\/span>; 19Q1: HK$1.1 billion<\/span>). MGM COTAI saw revenue of HK$4.8 billion<\/span> (23Q1: HK$2.5 billion<\/span>; 19Q1: HK$2.4 billion<\/span>) and an adjusted EBITDA of HK$1.4 billion<\/span> (23Q1: HK$718 million<\/span>; 19Q1: HK$544 million<\/span>). MGM China maintained a healthy financial position. As of March 31, 2024<\/span>, the Group had a total liquidity of approximately HK$16.9 billion<\/span>, comprised of cash and cash equivalents and available undrawn credit facilities. The Group had announced in March to cancel the whole US$750 million<\/span> unutilized commitment under a facility agreement with parent MGM Resorts International, after seeing a substantial increase of revenue in 2023 underpinned by a significant market recovery. During the quarter, the Board proposed a final dividend of HK$0.243<\/span> per share, and a special dividend of HK$0.104<\/span> per share, bringing it to a total of HK$0.347<\/span> per share for the year 2023. <\/p>\n Kenneth Feng<\/span>, President and Executive Director of MGM China said: “Our outstanding performance demonstrates our deep understanding of customers with continued improvements in service levels. It is also a testament to our team’s continuous innovation in crafting compelling experiences for our customers.<\/p>\n “The resumption of dividend demonstrates our confidence in the future of Macau<\/span> and MGM China, along with our commitment on bringing return on investment to shareholders,” said Kenneth Feng<\/span>.<\/p>\n With a guest-centric focus, MGM is awarded in February 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.<\/p>\n During the quarter, MGM China has proudly delivered a series of non-gaming events and excitements to Macau<\/span>. In January, we hosted Bruno Mars<\/span>, the 15-time Grammy Awards-winner, and his The One & Only Night concert at MGM COTAI, bringing in an entertainment and performing event to feature Macau<\/span> as the World Center of Tourism and Leisure.<\/p>\n As a supporter of cultural tourism, MGM has jointly presented with world-renowned musician Tan Dun<\/span> his symphonic masterpiece Buddha Passion at the MGM Theater at MGM COTAI. Empowered by the vast spectacle of the MGM Theater’s 28 million pixels LED screen, the epic – composed and scripted by Tan Dun<\/span> – has achieved its first-ever immersive fusion of music and technology. The performance pays homage to Chinese intangible cultural heritages and further illuminates Macau<\/span> as the City of Performing Arts. This cultural mega event also serves as a grand tribute to the 75th anniversary of the founding of the People’s Republic of China<\/span> and the 25th anniversary of Macao’s<\/span> return to the Motherland. “<\/p>\n “We are committed to bringing more unique and integrated experiences to our customers, with the view to align our offerings with the Macau Government’s vision to develop the city into a global and diversified tourist destination,” said Kenneth Feng<\/span>.<\/p>\n \u2013 END \u2013<\/p>\n About MGM China Holdings Limited<\/p>\n MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China<\/span> 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<\/span>. MGM Grand Paradise, SA owns and operates MGM MACAU<\/span>, the award-winning premium integrated resort located on the Macau<\/span> Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.\u00a0<\/p>\n 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<\/a>.<\/p>\n \u00a0<\/p>","protected":false},"excerpt":{"rendered":" Record-High Performance and Market Share HONG KONG, May […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-550","post","type-post","status-publish","format-standard","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=550"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/550\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}