MGM China: mass play boosts revenue to $929 million in 3Q24

MGM China has recorded a 14 percent increase in revenue for the third quarter, topping $929 million, while recording an EBITDAR increase of 5 percent to $237 million.

According to the group’s most recent financials, casino revenue increased by 12 percent yearly, to $800 million, boosted by performance at both MGM Macau and MGM Cotai.
Revenue at both properties increased during the quarter, up by 5.8 percent yearly at MGM Macau – to HK$3.04 billion ($391.24 million) and by 20.7 percent at MGM Cotai – to HK$4.21 billion ($541.56 million)
This resulted in a strong increase for MGM Cotai’s adjusted EBITDA increase of 17.7 percent at MGM Cotai – to HK$1.18 billion ($152.2 million). MGM Macau failed to reach such a rise, falling by nearly 9 percent yearly, to HK$801.52 million ($103.13 million) in regards to adjusted EBITDA.

VIP play at MGM Macau was down yearly, by 9.7 percent, at HK$7.67 billion ($987.5 million) in regards to games turnover. Main floor drop increased, however, by 2.6 percent, to HK$13.53 billion ($1.74 billion).
Slots at the property also saw a strong yearly increase, up by 9.8 percent yearly, to HK$7.06 billion ($909.2 million)
The group operated some 339 gaming tables and 990 slot machines at the property during the quarter.
MGM Macau recorded 95 percent occupancy at the hotel during the period, a slight increase from the same quarter of last year.
Looking at the Cotai Strip, MGM Cotai saw a 3.7 percent increase in mass floor table games drop, to HK$13.31 billion ($1.71 billion). VIP play declined, with games turnover at just HK$15.04 billion ($1.93 billion), a fall of 7.2 percent.

The slot machine handle was also up at MGM Cotai, hitting HK$7.54 billion ($970.97 million), a significant rise of 32 percent.
Hotel occupancy at the property rose slightly, to 93.9 percent.
During the period, the property operated 411 gaming tables and 983 slot machines.
Speaking of the results, Kenneth Feng - President of MGM China noted "We are delighted to see the recovery in Macau, along with the diversification development of the city. We are committed to developing Macau into a global and diversified tourist destination through our concession commitments."
"Meanwhile, we are also investing in several capital improvements across our properties."

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