Daily Asia Gaming eBrief: MGM China breaking records again in the first quarter

Thursday 2nd of May 2024

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Good Morning. The lion continues to roar. MGM China posted record-breaking results again for the first quarter, showing how the group is clawing out even more market share and truly leveraging its Cotai Strip property for maximum gain, particularly from the mass segment. Meanwhile, China's sentiment on Macau is positive, with new visa policies to help in the short-term but with mid- and long-term impacts uncertain so far. And further abroad, Melco's City of Dreams Sri Lanka is estimated to hit GGR of up to $250 million, as management anticipates a $125 million investment in the casino project.

What you need to know

MGM China shines in the first quarter, hitting new records and topping pre-COVID scenarios, gaining more market share.
City of Dreams Sri Lanka project could achieve GGR of up to $250 million, leveraging the Indian market, according to management.
New visa policies between Macau and China could have a short-term impact but China's stance on the gaming hub is positive: analyst.

On the radar

Bloomberry completes $290M settlement with former Solaire manager.
Tiger Resort makes initial $5.2M payment for Emerald Bay rescue.
Macau GGR reaches $2.9B in April, down 5 percent monthly.
Debt reduction helping Melco mitigate refinancing risks.
Philippines aiming to attract more US tourists.
Thailand cracks down on illegal online betting operations.
Tokyo, BKK, HK and Seoul lead Labor Day travel trends: Trip.com.

AGB Intelligence

MACAU

MGM China hits new records in first quarter

Macau continues to be a golden goose for MGM China, with the company breaking records yet again in the first quarter, driven by strong results and heady visitation. The group continues to steal market share from other operators, with its Cotai property performing impressively. Property EBITDA saw particular advances as the group focused on the mass market and aimed to cut down costs, driving triple-digit advances when compared to 1Q19.

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