MGM China’s market share exceeded 20% for the first time ever in January as the company’s post-COVID surge continues, according to MGM Resorts CEO and President Bill Hornbuckle.
While time will tell whether the company can maintain such strong share in the long-term, Hornbuckle told analysts during the company’s 4Q23 earnings call on Wednesday morning (Asia time) that MGM was increasingly in a position to compete with its larger Macau competitors.
“Macau is doing amazingly well,” he said. “I know some of our competitors are wondering what we are doing, and Kenny and the team broke through 20% market share for the month of January.
“I’m not suggesting that’s sustainable, but I think we have repositioned those two properties (MGM Macau and MGM Cotai) and we are prepared to compete on an equal basis with anybody in the marketplace.”
MGM China on Wednesday morning reported all-time Adjusted Property EBITDAR records for both the December 2023 quarter and for FY23, helping push its Q4 market share to 16.3%. FY23 share reached 15.1%, some 560bps above 2019 levels, thanks in part to the addition of 200 new gaming tables under its new 10-year gaming concession.
MGM China’s President and Executive Director Kenneth Feng added that the company’s strong recent results were also flowing through into the current Chinese New Year period.
“Visitation to the city has reached about 95% of 2019 levels, and MGM China’s two properties combined: the visitation, player count, table drop, slot handle as well as VIP turnover have all well exceeded 2019 levels for the same period, so we are confident and we are optimistic,” he said.
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