Record-High Revenue and EBITDA
Market Share Continued to Grow
HONG
KONG, Feb. 12, 2025 /PRNewswire/ -- MGM China
Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code:
2282) today announced the selected unaudited financial data of the
Company and its subsidiaries (the "Group") for the three and 12
months ended December 31, 2024.
The Group is pleased to see Macau continuing to grow in 2024. The city
welcomed 34.9 million visitors in 2024, up by 24% from a year ago.
Daily visitation reached 95,433, represents a recovery of 88% of
2019 pre-COVID levels.
Gross gaming revenue (GGR) also grew in 2024. Industry GGR was
up 24% year-on-year to MOP620 million per day in 2024,
recovered to 77% of 2019.
- MGM China continued to outperform industry recovery in 2024.
Property visitation grew 54% year-on-year, reached 163% of 2019.
Daily GGR was up 29% to 129% of 2019. Mass GGR (including slot) was
up 33% to reach 179% of pre-COVID levels.
- Net revenue of the Group grew by 27% to HK$31.4 billion in 2024, or 138% of 2019.
- Adjusted EBITDA also reached historical high of HK$9.1
billion in 2024, up by 25% from a year ago, represented 147% of
2019.
- MGM China saw market share at all-time high of 15.8% in 2024,
up from 15.2% in 2023 and compared to 9.5% in 2019. MGM COTAI
market share was 9.3% and MGM MACAU was 6.5%.
- Adjusted EBITDA margin was 28.9% in 2024, 170 basis points
higher than 2019, with a mass-focused business and continuous
improvement in operational efficiency.
- Hotel occupancy reached 94% in 2024, up from 92.5% in
2023.
- The Group maintained a healthy financial position. As of
December 31, 2024, the Group had a
total liquidity of approximately HK$17.2 billion, comprised of cash, cash
equivalents and undrawn revolver.
With a guest-centric focus, MGM is awarded during the Period
seven Five-Star awards by Forbes Travel Guide 2024. It demonstrates
our leading position in the hospitality industry and its commitment
to providing the finest service and resort amenities.
During 2024, MGM China has proudly delivered a series of
non-gaming events and excitements to Macau. We have hosted in January an outdoor
concert with Bruno Mars, the 15-time
Grammy Awards-winner. We had also presented with world-renowned
musician Tan Dun his symphonic
masterpiece Buddha Passion at the MGM Theater at MGM COTAI. In
October to December, we celebrated the German beer festival with
our annual mega event Oktoberfest Macau at MGM 2024; we also hosted MGM
Chef Nic Gastronomusic Fest for the third year at MGM
COTAI. The multi-sensorial cultural IP extravaganzas fully leverage
on Macau as an interactive
platform for diverse cultural exchange, which brings international
gastronomy and musical culture to the city. These events also
reinforce Macau's golden calling
cards as a "Creative City of Gastronomy" and "City of Performing
Arts".
As an advocate of cultural tourism, Poly MGM Museum opened at
MGM MACAU in November 2024 in
a collaboration with the Poly Culture Group. Spanning across nearly
2,000 square meters, the museum has been meticulously designed to
meet national standards for exhibiting Grade-One cultural relics,
blending traditional craftsmanship with cutting-edge technology to
create an immersive experience for visitors. The inaugural
exhibition, entitled The Maritime Silk Road – Discover the
Mystical Seas and Encounter the Treasures of the Ancient Trade
Route, features an array of 228 artifacts and artworks
tracing the route's rich history.
In the seemingly exciting December, MGM has joined hands with
the renowned Chinese filmmaker Zhang Yimou to present a
groundbreaking residency show - Macau 2049 at the MGM Theater. The
unparallel show transcends time and space while bridging culture of
the east and the west, through the celebration of Chinese
performance arts.
Kenneth Feng, President and
Executive Director of MGM China said: "We are
exhilarated to have nearly 500,000 visitors to date to our Poly MGM
Museum, and a ticket sale of over 42,000 for Macau 2049. Through the offering of these
one-of-the-kind IP experiences, we are dedicated to
drive non-gaming revenues and visitation to Macau, promoting cultural tourism and economic
diversification."
Outside our properties, MGM China goes beyond leveraging our
cultural tourism strengths and joins effort to revitalize local
district in Macau. The Group has
introduced a series of art exhibitions, workshops, retails and
leisure activities in the world heritage A-Ma Temple area to
enhance community engagement efforts in the Barra district, driving
the area's future development.
Kenneth Feng
said: "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."
About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer,
owner and operator of gaming and lodging resorts in the
Greater China region. We are the
holding company of MGM Grand Paradise, SA which holds one of the
six gaming concessions to run casino games in
Macau. MGM Grand Paradise, SA owns
and operates MGM MACAU, the
award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary
luxury integrated resort in Cotai, which opened in 2018 and more
than doubles our presence in Macau.
MGM China is majority owned by MGM Resorts International (NYSE:
MGM) one of the world's leading global hospitality companies,
operating a portfolio of destination resort brands including
Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more
information about MGM Resorts International, visit the Company's
website at www.mgmresorts.com.
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SOURCE MGM China
