Macau concessionaire MGM China has reported net revenues of US$813 million for the months to 30 September 2023, representing an 829% improvement over the same period last year and 10% higher than pre-COVID levels.
The improvement was directly related to ongoing recovery following the removal of COVID-19 related travel and entry restrictions in January, which has seen visitation to the SAR continue to grow in the months since.
Adjusted Property EBITDAR climbed to US$226 million, reversing an Adjusted Property EBITDAR loss of US$70 million in 3Q22 and up 23% compared to the third quarter of 2019. This, MGM China said, was an all-time 3Q record with main gaming floor win surpassing 3Q19 by 42%.
Adjusted Property EBITDAR margin of 27.8% was also improved on margin of 24.9% in the third quarter of 2019.
By property, MGM Cotai continued to shine, with revenues rising by more than 1,000% year-on-year to HK$3.48 billion (US$445 million) and Adjusted EBITDA reaching HK$1.0 billion (US$128 million) versus a HK$308.4 million (US$39.5 million) loss a year earlier.
Peninsula resort MGM Macau reported revenue of HK$2.87 billion (US$367 million) and Adjusted EBITDA of HK$880.5 million (US$113 million).
The improved Macau results helped push parent MGM Resorts to a 16% year-on-year increase in consolidated revenue to US$4.0 billion, with consolidated Adjusted EBITDAR of US$1.1 billion. Net income attributable to MGM Resorts was US$161 million compared to net loss of US$577 million a year earlier.
“We started the quarter with great momentum across our businesses,” said MGM CEO and President, Bill Hornbuckle.
“While we were faced with a difficult cybersecurity issue in September, our employees rose to the occasion with incredible resilience and determination. With the incident now behind us, we are a stronger company having been through the challenge,” said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts.
“Going forward we have much to be optimistic about with Formula 1’s inaugural Las Vegas race next week and early next year the debut of the MGM Collection with Marriott Bonvoy followed by the Super Bowl. Beyond these catalysts, 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.”
