MGM China Reports Remarkable Annual Results
Record-High Revenue and EBITDA
Market Share Continued to Grow
MGM China Holdings Limited (SEHK Stock Code: 2282) has recently shared its impressive financial data for the fiscal year ending December 31, 2024. The company has expressed satisfaction with the ongoing growth in Macau, which welcomed around 34.9 million visitors in this year alone, marking a significant 24% increase compared to the previous year. This number indicates a strong recovery, as daily visitor levels approached 95,433, representing 88% of pre-COVID figures from 2019.
Growth in Gaming Revenue
Importantly, the gaming sector also showed significant improvements. The gross gaming revenue (GGR) rose by 24%, reaching MOP620 million per day, which is an encouraging sign as it recovers to about 77% of levels seen in 2019. MGM China notably excelled during this recovery, with property visitation ramping up by 54% year-on-year, achieving 163% of pre-pandemic levels. Daily GGR saw an increase of 29%, equating to 129% of what was noted in 2019.
Financial Highlights
- The net revenue of MGM China surged by 27% to HK$31.4 billion, totaling 138% compared to 2019 figures.
- Adjusted EBITDA reached a historic peak of HK$9.1 billion in 2024, reflecting a 25% rise from the previous year, which stood at 147% of 2019.
- MGM China’s market share reached an all-time high of 15.8% in 2024, a rise from 15.2% in 2023 and compared to just 9.5% in 2019. Specifically, MGM COTAI accounted for a 9.3% market share while MGM MACAU held 6.5%.
- In addition, the adjusted EBITDA margin was recorded at 28.9%, an increase of 170 basis points from 2019, thanks to a focus on mass-market business and improvements in operational efficiency.
- The average hotel occupancy rate reached 94%, slightly up from 92.5% in 2023.
- As of December 31, 2024, MGM China maintained a robust financial standing with total liquidity of approximately HK$17.2 billion, consisting of cash and undrawn revolver facilities.
Acknowledgement by Forbes Travel Guide
Demonstrating its commitment to guest satisfaction, MGM China received seven Five-Star awards from Forbes Travel Guide 2024. This notable recognition confirms the company's leadership in engaging hospitality and top-tier services.
Exciting Developments and Events
Throughout 2024, MGM China has actively championed a range of non-gaming events to enhance its entertainment offering in Macau. Highlights included an outdoor concert featuring the award-winning Bruno Mars and a captivating symphonic performance by Tan Dun at the MGM Theater at MGM COTAI. The festive spirit carried on with a mega celebration of Oktoberfest Macau and the MGM Chef Nic Gastronomusic Fest, further establishing Macau’s reputation as a vibrant hub for cultural exchanges and culinary delights.
Cultural Tourism Promotion
MGM China actively supports cultural tourism, recently opening the Poly MGM Museum in collaboration with the Poly Culture Group. Covering nearly 2,000 square meters, the museum hosts Grade-One cultural relics and features an extensive exhibition titled The Maritime Silk Road, showcasing 228 artifacts reflecting the ancient trade route's history.
Collaboration with Renowned Filmmaker
This past December, MGM joined forces with Chinese filmmaker Zhang Yimou to unveil a unique residency show, Macau 2049, at the MGM Theater. This groundbreaking performance aims to bridge cultural divides and celebrate Chinese performance arts, enriching the entertainment landscape in Macau.
Kenneth Feng, President and Executive Director of MGM China, shared his enthusiasm for the nearly 500,000 visitors to the Poly MGM Museum and the impressive ticket sales for Macau 2049. He stated, "We are dedicated to driving non-gaming revenues and boosting visitation to Macau while promoting cultural tourism and economic diversification."
Community Engagement and Future Goals
MGM China is not just focused on its properties but also contributes significantly to revitalizing local communities in Macau. By introducing a series of art exhibitions, workshops, and leisure activities, the company aims to enhance community engagement in strategic areas like the world heritage A-Ma Temple.
Commitment to Macau's Development
Expressing satisfaction with Macau’s recovery and diversification, Kenneth Feng affirmed the company's ongoing commitment to developing Macau into a premier global tourist destination in alignment with their concession commitments.
About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) stands as a premier developer and operator of gaming and lodging resorts in the Greater China region. The company manages two acclaimed integrated resorts: MGM MACAU, celebrated for its luxury, and MGM COTAI, which has significantly expanded its presence since opening in 2018.
MGM China is primarily owned by MGM Resorts International (NYSE: MGM), a prominent global hospitality brand operating iconic destination resorts around the world. For more detailed insights about MGM Resorts, please visit their official website.
Frequently Asked Questions
What were the main financial highlights for MGM China in 2024?
MGM China reported a net revenue of HK$31.4 billion, adjusted EBITDA of HK$9.1 billion, and a market share of 15.8% in 2024.
How many visitors did Macau welcome in 2024?
Macau welcomed approximately 34.9 million visitors in 2024, reflecting a 24% increase compared to the previous year.
What cultural events did MGM China host in 2024?
MGM China hosted several cultural events, including performances by Bruno Mars and Tan Dun, as well as the Oktoberfest Macau celebrations.
What recognition did MGM China receive from Forbes in 2024?
MGM China was awarded seven Five-Star awards by Forbes Travel Guide, emphasizing its commitment to excellence in hospitality.
What is the future goal of MGM China in relation to Macau?
MGM China aims to further develop Macau into a diversified global tourist destination, enhancing its cultural tourism offerings and engaging with the local community.
