Macau casino operator MGM China Holdings Ltd reported fourth-quarter revenue of just under HKD7.92 billion (US$1.02 billion), a 3.2-percent increase from a year earlier. The result was up 7.2 percent sequentially, according to a Thursday filing to the Hong Kong Stock Exchange.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the three months to December 31 stood at nearly HKD2.13 billion, down 2.9 percent year-on-year but up 7.2 percent from the preceding quarter.
MGM China runs the resorts MGM Macau (pictured), on the Macau peninsula, and MGM Cotai in the city’s Cotai district. The company is majority owned by U.S.-based casino firm MGM Resorts International.
As a Hong Kong-listed company, MGM China reports its results on an interim and full-year basis, and provides quarterly highlights.
On a property basis, MGM Macau recorded revenue of HKD3.34 billion in fourth-quarter 2024, up from HKD3.05 billion a year ago. The property’s adjusted EBITDA stood at HKD910.6 million, an increase of 10.4 percent from prior-year period.
MGM Cotai saw fourth-quarter revenue decline by 1.0 percent year-on-year, to nearly HKD4.58 billion. Adjusted EBITDA for the property stood at HKD1.22 billion, down 11.0 percent from a year ago.
For full-year 2024, MGM China’s adjusted EBITDA rose by 25.2 percent year-on-year, to nearly HKD9.06 billion. That was on aggregate revenue that grew by 27.2 percent from the previous year, to just under HKD31.39 billion.
In a separate press release, MGM China said in 2024 it “continued to outperform” the industry’s post-Covid-19 recovery in Macau, with daily gross gaming revenue (GGR) up 29 percent compared to 2019 levels.
MGM China said its market share in terms of GGR in Macau reached an “all-time high” of 15.8 percent in 2024, up from 15.2 percent in 2023. That compared to 9.5 percent in 2019, stated the firm.
In 2024, MGM Cotai had a market share of 9.3 percent and MGM Macau of 6.5 percent, said the casino firm.
MGM China said it achieved an adjusted EBITDA margin of 28.9 percent in 2024, “170 basis points higher than 2019, with a mass-focused business and continuous improvement in operational efficiency”.
The release cited Kenneth Xiaofeng Feng, president and an executive director at MGM China, as saying that the company was “dedicated to drive non-gaming revenues and visitation to Macau,” following the opening of the Poly MGM Museum and the launch of the residency show “Macau 2049”.
MGM China has been investing in several capital improvements across its properties, including the conversion of 160 standard rooms at the MGM Cotai property into “about 60 suites”, Mr Feng said last October.
The parent MGM Resorts reported group-wide net income of US$157.4 million for the three months to December 31, on revenue that was flat at US$4.35 billion.
For full-year 2024, MGM Resorts’ net income fell 34.6 percent year-on-year, to US$746.6 million, despite revenue growth of 6.7 percent, to US$17.24 billion.
The parent said the increase in revenues was “due primarily to an increase in revenue at MGM China resulting from the recovery of operations after the removal of Covid-19 related entry restrictions in Macau in the first quarter of 2023”.
