Adjusted EBITDA up 57% Year-on-Year<\/p>\n
Market Share Reached 16.5%<\/p>\n
HONG KONG<\/span>, Aug 1, 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 second quarter and the first half of 2024 (the “Period”).<\/p>\n The Group is pleased to see Macau<\/span> continue to grow. Total visitor arrivals in first half of year increased 43% year-on-year to 91,868\u00a0per day. The visitation recovered to 82% of first half 2019.<\/p>\n Gross gaming revenue (GGR) in Macau<\/span> was up 41% from same period in last year to MOP 625 million per day, represented a 76% recovery of first half 2019. In addition, mass gaming revenue grew 45% compared to a year ago, represented 111% of 2019. The continuous growth of mass market has boosted industry EBITDA to have recovered to an estimated 80-85% of 2019 pre-COVID levels.<\/p>\n MGM China continued to outperform the market amid of industry recovery. Property visitation was up 85% year-on-year or represented 153% of 2019. Net revenue grew by 52% year-on-year to HK$16.2 billion<\/span> for the Period, reached 144% of same period in 2019. The Group reported adjusted EBITDA of HK$ 4.9 billion<\/span> for the Period, grew by 57% from a year ago. Adjusted EBITDA surpassed pre-COVID level at 161% of same period in 2019. We are glad to see market share further climbed to 16.5% for the Period, from 14.9% a year ago and 9.5% in 2019. MGM COTAI market share was 9.8% and MGM MACAU<\/span> market share was 6.7%. Adjusted EBITDA margin for the Period reached record high of 30.5%, compared to 29.7% for same period in 2023 and 27.2% in 2019. It was attributed to our mass-focused business and continuous improvement in operational efficiency. Average occupancy was 93.9% for the Period (1H23: 91.7%). On a property basis, MGM COTAI recorded revenue of HK$9.5 billion<\/span> (1H23: HK$5.7 billion<\/span>) and an adjusted EBITDA of HK$2.8 billion<\/span> (1H23: HK$1.7 billion<\/span>). MGM MACAU<\/span> had revenue of HK$6.8 billion<\/span> (1H23: HK$4.9 billion<\/span>) and an adjusted EBITDA of HK$2.1 billion<\/span> (1H23: HK$1.5 billion<\/span>). On a quarterly basis, Market daily visitation in second quarter 2024 reached 79% of pre-COVID levels. Daily GGR reached 77% of 19Q2. Mass GGR was estimated to be 111% of 19Q2. MGM China, in the second quarter, saw property visitation exceeded pre-COVID levels to 156% of same period in 2019. Daily GGR was 134% of 19Q2. Mass GGR was 185% of same period in 2019. Revenue of the Group was HK$8.0 billion<\/span>, 144% of 19Q2. Adjusted EBITDA was HK$2.4 billion<\/span>, 168% of 19Q2. Adjusted EBITDA margin was 30.7% (19Q2: 26.3%). The Group maintained a healthy financial position. As of June 30, 2024<\/span>, the Group had total liquidity of approximately HK$16 billion<\/span>, comprised of cash and cash equivalents and undrawn revolver. <\/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 Period, MGM China has proudly delivered a series of non-gaming events and excitements to Macau<\/span>. We have hosted in January an outdoor concert with Bruno Mars<\/span>, the 15-time Grammy Awards-winner. We had also presented with world-renowned musician Tan Dun<\/span> 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<\/span> in his first-ever solo Macau<\/span> show, MGM X Ren Zhe \u2013 ‘Legends of Chivalry’ Art Exhibition, featuring art pieces of classic characters from Jin Yong’s<\/span> martial arts novels.<\/p>\n 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<\/span> and participated in the Experience Macao<\/span> roadshow\u00a0in\u00a0Bangkok\u00a0organized by the Macao Government Tourism Office, to attract more visitors from Southeast Asia<\/span>.<\/p>\n Kenneth Feng<\/span>, President and Executive Director of MGM China\u00a0said: “We are delighted to see our continuous growth and outperformance driven by our deep understanding and customers and our ability to adapt swiftly to their preferences.<\/p>\n “We are committed to bringing more unique and integrated experiences to our customers, 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>.\u00a0<\/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>","protected":false},"excerpt":{"rendered":" <\/p>\n Adjusted EBITDA up 57% Year-on-Year<\/p>\n Market Share Reached 16.5%<\/p>\n HONG KONG<\/span>, Aug 1, 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 second quarter and the first half of 2024 (the “Period”).<\/p>\n The Group is pleased to see Macau<\/span> continue to grow. Total visitor arrivals in first half of year increased 43% year-on-year to 91,868\u00a0per day. The visitation recovered to 82% of first half 2019.<\/p>\n Gross gaming revenue (GGR) in Macau<\/span> was up 41% from same period in last year to MOP 625 million per day, represented a 76% recovery of first half 2019. In addition, mass gaming revenue grew 45% compared to a year ago, represented 111% of 2019. The continuous growth of mass market has boosted industry EBITDA to have recovered to an estimated 80-85% of 2019 pre-COVID levels.<\/p>\n MGM China continued to outperform the market amid of industry recovery. Property visitation was up 85% year-on-year or represented 153% of 2019. Net revenue grew by 52% year-on-year to HK$16.2 billion<\/span> for the Period, reached 144% of same period in 2019. The Group reported adjusted EBITDA of HK$ 4.9 billion<\/span> for the Period, grew by 57% from a year ago. Adjusted EBITDA surpassed pre-COVID level at 161% of same period in 2019. We are glad to see market share further climbed to 16.5% for the Period, from 14.9% a year ago and 9.5% in 2019. MGM COTAI market share was 9.8% and MGM MACAU<\/span> market share was 6.7%. Adjusted EBITDA margin for the Period reached record high of 30.5%, compared to 29.7% for same period in 2023 and 27.2% in 2019. It was attributed to our mass-focused business and continuous improvement in operational efficiency. Average occupancy was 93.9% for the Period (1H23: 91.7%). On a property basis, MGM COTAI recorded revenue of HK$9.5 billion<\/span> (1H23: HK$5.7 billion<\/span>) and an adjusted EBITDA of HK$2.8 billion<\/span> (1H23: HK$1.7 billion<\/span>). MGM MACAU<\/span> had revenue of HK$6.8 billion<\/span> (1H23: HK$4.9 billion<\/span>) and an adjusted EBITDA of HK$2.1 billion<\/span> (1H23: HK$1.5 billion<\/span>). On a quarterly basis, Market daily visitation in second quarter 2024 reached 79% of pre-COVID levels. Daily GGR reached 77% of 19Q2. Mass GGR was estimated to be 111% of 19Q2. MGM China, in the second quarter, saw property visitation exceeded pre-COVID levels to 156% of same period in 2019. Daily GGR was 134% of 19Q2. Mass GGR was 185% of same period in 2019. Revenue of the Group was HK$8.0 billion<\/span>, 144% of 19Q2. Adjusted EBITDA was HK$2.4 billion<\/span>, 168% of 19Q2. Adjusted EBITDA margin was 30.7% (19Q2: 26.3%). The Group maintained a healthy financial position. As of June 30, 2024<\/span>, the Group had total liquidity of approximately HK$16 billion<\/span>, comprised of cash and cash equivalents and undrawn revolver. <\/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 Period, MGM China has proudly delivered a series of non-gaming events and excitements to Macau<\/span>. We have hosted in January an outdoor concert with Bruno Mars<\/span>, the 15-time Grammy Awards-winner. We had also presented with world-renowned musician Tan Dun<\/span> 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<\/span> in his first-ever solo Macau<\/span> show, MGM X Ren Zhe \u2013 ‘Legends of Chivalry’ Art Exhibition, featuring art pieces of classic characters from Jin Yong’s<\/span> martial arts novels.<\/p>\n 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<\/span> and participated in the Experience Macao<\/span> roadshow\u00a0in\u00a0Bangkok\u00a0organized by the Macao Government Tourism Office, to attract more visitors from Southeast Asia<\/span>.<\/p>\n Kenneth Feng<\/span>, President and Executive Director of MGM China\u00a0said: “We are delighted to see our continuous growth and outperformance driven by our deep understanding and customers and our ability to adapt swiftly to their preferences.<\/p>\n “We are committed to bringing more unique and integrated experiences to our customers, 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>.\u00a0<\/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 <\/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-6774","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\/6774","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=6774"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/6774\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}