MGM China’s Q3 net revenues up 10 pct from pre-pandemic level

Gaming

MGM China’s Q3 net revenues up 10 pct from pre-pandemic level

Thursday 09 de November 2023 / 12:00

2 minutos de lectura

(Macau).- Gaming operator MGM China reported net revenues of US$813 million (MOP6.5 billion) in the third quarter of 2023, representing a 10 per cent increase compared to the third quarter of the pre-pandemic year 2019, the company announced in a stock filing on Thursday morning.

MGM China’s Q3 net revenues up 10 pct from pre-pandemic level

Net revenues for the July-to-September period were 9.7 per cent higher than in the second quarter of this year and showed an 829 per cent increase year-on-year, when the city was under strict pandemic-related restrictions.

Meanwhile, adjusted Property EBITDAR reached US$226 million (MOP1.8 billion), up 23 per cent from the second quarter.

According to J.P. Morgan Securities (Asia Pacific), it was even 20 per cent higher than in 2019 and exceeded expectations by 3 per cent, primarily led by gains in mass market share.

The casino operator continued to increase its gross gaming revenue share, reaching 15.5 per cent in October, further up from 14 per cent in the third quarter.

Additionally, the company achieved its highest-ever monthly EBITDA that month.

The group’s MGM Cotai property continued to be the top performer in the SAR, accounting for 53 per cent (HKD 1 billion) of MGM China’s total Adjusted EBITDA, with MGM Macau achieving the remaining HKD 880.5 million.

“MGM China is performing exceptionally well, and we have a pipeline of development opportunities, including New York and Japan, alongside the growth and development of our international digital business and BetMGM,” said Bill Hornbuckle, Chief Executive Officer and President of the parent company MGM Resorts. MGM Resorts reported a consolidated revenue of US$4 billion (MOP 32 billion), indicating a 16% year-on-year increase.

Categoría:Gaming

Tags: Sin tags

País: Macao

Región: Asia