MGM China’s revenue rises 71% to $8.2 billion

On May 2, 2024By Vaseline

Nancy Fei

MGM China (2282) revenue rose 71 percent to HK$8.26 billion in the first quarter from a year ago, exceeding expectations.

Adjusted property profit before interest, taxes, depreciation and rent was HK$25.5 billion in the first quarter, up 78 percent year-on-year.

As it continued to benefit from the lifting of Covid-19-related entry restrictions in Macau and the continued ramp-up of operations, the company announced a resumption of dividend payments.

In the first three months of 2024, hotel occupancy reached 151 percent of the level in the same period in 2019, total daily gross gaming revenues reached 136 percent of pre-pandemic levels, while mid-level gaming revenues – including slot machines – amounted to 189 percent. percent higher than in the first quarter of 2019.

During the period, MGM China’s market share continued to grow to 17 percent, compared to 15.2 percent in 2023 and 9.5 percent in 2019.

MGM shares rose 4.8 percent to HK$13.92 yesterday on the results.

Other casino operators such as Sands China (1928), Wynn Macau (1128), Galaxy Entertainment (0027) and SJM Holdings (0088) also saw their share prices rise.