MGM China has reported all-time records for third quarter revenue and Adjusted Property EBITDAR, continuing its impressive rise in 2024.
According to details released early Thursday morning (Asia time) by parent MGM Resorts, the company’s Macau subsidiary generated total revenues of HK$7.25 billion (US$929 million) in the September 2024 quarter – up 14% year-on-year although 9% lower than in Q2. This included casino revenue of US$800 million, up 12% year-on-year.
Adjusted Property EBITDAR of HK$1.98 billion (US$237 million) was also 5% higher year-on-year and another record for the third quarter, but down 19% on 2Q24.
By property, MGM Cotai reported a 21% year-on-year increase in total revenue to HK$4.21 billion (US$542 million) and 18% increase in Adjusted Property EBITDAR to HK$1.18 billion (US$152 million). MGM Macau saw revenues grow by 6% to HK$3.04 billion (US$391 million) although Adjusted Property EBITDAR fell by 9% to HK$801.5 million (US$103 million).
In its earnings release, MGM Resorts said its strong group-wide results were directly attributable to the ongoing recovery in Macau. MGM Resorts reported a 5% year-on-year increase in consolidated net revenues to US$4.2 billion, with net income up 15% to US$185 million. Consolidated Adjusted EBITDAR reached US$1.1 billion.
“We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China,” said MGM CEO and President Bill Hornbuckle. “In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy.
“MGM Resorts is well positioned for long-term growth driven by the positive inflection to come in our digital investments alongside the enviable integrated resorts pipeline of development that we have in Japan as well as opportunities in New York and beyond.”
