Listen To Article
MGM China has reported Q2 revenue of 2024, which saw an increase compared to previous year and pre-pandemic.
Net revenue grew by 52% year-on-year to HK$16.2bn (US$2.07bn) for the same period, a 144% increase of the same period in 2019. MGM China also saw an 85% year-on-year increase with property visitations, with an occupancy rate of 93.9%.
Adjusted EBITDA margin was at 30.5%, compared to 29.7% in 2023 and 27.2% in 2019.
In terms of each property, MGM COTAI recorded a revenue of HK$9.5bn and an adjusted EBITDA of HK$2.8bn, while MGM Macau saw revenue of HK$6.8bn and an adjusted EBITDA of HK$2.1bn.
President and Executive Director of MGM China Kenneth Feng said: “We are delighted to see our continuous growth and outperformance driven by our deep understanding of customers and our ability to adapt swiftly to their preferences.”
Aside from MGM China, Macau has also announced its July GGR.
Total visitor arrivals in the first half of the year 43% increased year-on-year to 91,868 per day and visitation recovered to 82% of the same first half during 2019.
According to Macau’s Gaming Inspection and Coordination Bureau (DICJ), Macau’s gross gaming revenue reached MOP$18.6bn (US$2.31bn) in July, an 11.6% year-on-year increase and an increase of 5.1% compared to June.
The total of 2024’s first seven months’ revenue sum up to MOP$132.3bn; a 36.7% increase when compared to last year’s MOP$96.7bn.
