MGM China has once again shattered records with its stellar performance in the first quarter of 2024, underlining its position as a powerhouse in Macau’s integrated resort landscape. The parent company, MGM Resorts International, unveiled the remarkable achievements, showcasing a robust financial standing and strategic advancements.
Financial Triumphs:
In the spotlight of MGM China’s triumphs lies its Adjusted Property EBITDAR, reaching an astounding US$301 million, marking a staggering 78% surge year-on-year. This exceptional growth, nearly 15% higher than the previous record, reflects the company’s unwavering commitment to excellence. At the consolidated level, MGM Resorts International reported a formidable Adjusted EBITDA of US$1.2 billion on revenues totaling US$4.4 billion.
Macau’s Magnificence:
Delving deeper into MGM China’s performance, Macau emerged as the epicenter of success. The company recorded net revenues of US$1.1 billion, soaring 71% year-on-year and 12% quarter-on-quarter. Notably, MGM China achieved an all-time high market share of 17%, a testament to its unparalleled appeal in the region. The surge in earnings can be attributed to the gradual recovery post the removal of COVID-19 travel restrictions, fueling the momentum of operations.
Financial Breakdown:
Breaking down the financials, casino revenue during the quarter surged to US$920 million, marking a remarkable 66% increase year-on-year. Main floor table games witnessed a substantial 76% rise in drop, totaling US$3.82 billion, with main floor win reaching an impressive US$950 million. These figures underscore the robust performance across diverse segments of MGM China’s operations.
Corporate Insights:
Jonathan Halkyard, the CFO and Treasurer of MGM Resorts, expressed elation over the record-breaking results, emphasizing the strong performance both in Macau and Las Vegas. The company’s strategic endeavors, including share repurchases and ventures in Japan and New York, reflect its commitment to maximizing shareholder value. The progress in the Osaka integrated resort development, coupled with innovative financial strategies, positions MGM for sustained growth and profitability.
MGM China’s meteoric rise in earnings, fueled by Macau’s resounding success, showcases its dominance in the integrated resort sector. With a laser focus on financial prudence, strategic investments, and operational excellence, MGM Resorts International charts a course towards sustained prosperity and pioneering ventures in key markets worldwide.