{"id":57832,"date":"2024-08-01T00:03:37","date_gmt":"2024-08-01T00:03:37","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/08\/01\/mgm-china-reports-2024-interim-financial-data\/"},"modified":"2024-08-01T00:03:37","modified_gmt":"2024-08-01T00:03:37","slug":"mgm-china-reports-2024-interim-financial-data","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/","title":{"rendered":"MGM China Reports 2024 Interim Financial Data"},"content":{"rendered":"<div>\n<p class=\"prntac\"><b>Adjusted EBITDA up 57% Year-on-Year<\/b><\/p>\n<p class=\"prntac\"><b>Market Share Reached 16.5%<\/b><\/p>\n<p><span class=\"xn-location\">HONG KONG<\/span>, <span class=\"xn-chron\">Aug 1, 2024<\/span> \/PRNewswire\/ &#8212; MGM China Holdings Limited (&#8220;MGM China&#8221; or the &#8220;Company&#8221;; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the &#8220;Group&#8221;) for second quarter and the first half of 2024 (the &#8220;Period&#8221;).<\/p>\n<p>The Group is pleased to see <span class=\"xn-location\">Macau<\/span> continue to grow. Total visitor arrivals in first half of year increased 43% year-on-year to 91,868\u00a0per day. The visitation recovered to 82% of first half 2019.<\/p>\n<p>Gross gaming revenue (GGR) in <span class=\"xn-location\">Macau<\/span> was up 41% from same period in last year to MOP 625 million per day, represented a 76% recovery of first half 2019. In addition, mass gaming revenue grew 45% compared to a year ago, represented 111% of 2019. The continuous growth of mass market has boosted industry EBITDA to have recovered to an estimated 80-85% of 2019 pre-COVID levels.<\/p>\n<ul type=\"disc\">\n<li>MGM China continued to outperform the market amid of industry recovery. Property visitation was up 85% year-on-year or represented 153% of 2019. Net revenue grew by 52% year-on-year to <span class=\"xn-money\">HK$16.2 billion<\/span> for the Period, reached 144% of same period in 2019.<\/li>\n<li>The Group reported adjusted EBITDA of <span class=\"xn-money\">HK$ 4.9 billion<\/span> for the Period, grew by 57% from a year ago. Adjusted EBITDA surpassed pre-COVID level at 161% of same period in 2019.<\/li>\n<li>We are glad to see market share further climbed to 16.5% for the Period, from 14.9% a year ago and 9.5% in 2019. MGM COTAI market share was 9.8% and MGM <span class=\"xn-location\">MACAU<\/span> market share was 6.7%.<\/li>\n<li>Adjusted EBITDA margin for the Period reached record high of 30.5%, compared to 29.7% for same period in 2023 and 27.2% in 2019. It was attributed to our mass-focused business and continuous improvement in operational efficiency.<\/li>\n<li>Average occupancy was 93.9% for the Period (1H23: 91.7%).<\/li>\n<li>On a property basis, MGM COTAI recorded revenue of <span class=\"xn-money\">HK$9.5 billion<\/span> (1H23: <span class=\"xn-money\">HK$5.7 billion<\/span>) and an adjusted EBITDA of <span class=\"xn-money\">HK$2.8 billion<\/span> (1H23: <span class=\"xn-money\">HK$1.7 billion<\/span>).<\/li>\n<li>MGM <span class=\"xn-location\">MACAU<\/span> had revenue of <span class=\"xn-money\">HK$6.8 billion<\/span> (1H23: <span class=\"xn-money\">HK$4.9 billion<\/span>) and an adjusted EBITDA of <span class=\"xn-money\">HK$2.1 billion<\/span> (1H23: <span class=\"xn-money\">HK$1.5 billion<\/span>).<\/li>\n<li>On a quarterly basis, Market daily visitation in second quarter 2024 reached 79% of pre-COVID levels. Daily GGR reached 77% of 19Q2. Mass GGR was estimated to be 111% of 19Q2.<\/li>\n<li>MGM China, in the second quarter, saw property visitation exceeded pre-COVID levels to 156% of same period in 2019. Daily GGR was 134% of 19Q2. Mass GGR was 185% of same period in 2019.<\/li>\n<li>Revenue of the Group was <span class=\"xn-money\">HK$8.0 billion<\/span>, 144% of 19Q2. Adjusted EBITDA was <span class=\"xn-money\">HK$2.4 billion<\/span>, 168% of 19Q2. Adjusted EBITDA margin was 30.7% (19Q2: 26.3%).<\/li>\n<li>The Group maintained a healthy financial position. As of <span class=\"xn-chron\">June 30, 2024<\/span>, the Group had total liquidity of approximately <span class=\"xn-money\">HK$16 billion<\/span>, comprised of cash and cash equivalents and undrawn revolver.<\/li>\n<\/ul>\n<p>With a guest-centric focus, MGM is awarded in February seven Five-Star awards by <i>Forbes Travel Guide 2024<\/i>. This demonstrates our leading position in the hospitality industry and its commitment to providing the finest service and resort amenities.<\/p>\n<p>During the Period, MGM China has proudly delivered a series of non-gaming events and excitements to <span class=\"xn-location\">Macau<\/span>. We have hosted in January an outdoor concert with <span class=\"xn-person\">Bruno Mars<\/span>, the 15-time Grammy Awards-winner. We had also presented with world-renowned musician <span class=\"xn-person\">Tan Dun<\/span> his symphonic masterpiece <i>Buddha Passion<\/i> at the MGM Theater at MGM COTAI. As a supporter of cultural tourism, MGM has showcased an exhibition with renowned Chinese contemporary artist <span class=\"xn-person\">Ren Zhe<\/span> in his first-ever solo <span class=\"xn-location\">Macau<\/span> show, <i>MGM X Ren Zhe \u2013 &#8216;Legends of Chivalry&#8217; Art Exhibition<\/i>, featuring art pieces of classic characters from <span class=\"xn-person\">Jin Yong&#8217;s<\/span> martial arts novels.<\/p>\n<p>Joining the Macao Government&#8217;s initiative to expand international market reach, the Group hosted in June its first large-scale overseas promotional campaign in <span class=\"xn-location\">Bangkok, Thailand<\/span> and participated in the <i>Experience <span class=\"xn-location\">Macao<\/span> roadshow\u00a0in\u00a0Bangkok<\/i>\u00a0organized by the Macao Government Tourism Office, to attract more visitors from <span class=\"xn-location\">Southeast Asia<\/span>.<\/p>\n<p><b><span class=\"xn-person\">Kenneth Feng<\/span>, President and Executive Director of MGM China<\/b>\u00a0said: &#8220;We are delighted to see our continuous growth and outperformance driven by our deep understanding and customers and our ability to adapt swiftly to their preferences.<\/p>\n<p>&#8220;We are committed to bringing more unique and integrated experiences to our customers, to align our offerings with the Macau Government&#8217;s vision to develop the city into a global and diversified tourist destination,&#8221; said <b><span class=\"xn-person\">Kenneth Feng<\/span><\/b>.\u00a0<\/p>\n<p><b><u>About MGM China Holdings Limited<\/u><\/b><\/p>\n<p>MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the <span class=\"xn-location\">Greater China<\/span> region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in <span class=\"xn-location\">Macau<\/span>. MGM Grand Paradise, SA owns and operates MGM <span class=\"xn-location\">MACAU<\/span>, the award-winning premium integrated resort located on the <span class=\"xn-location\">Macau<\/span> Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.\u00a0<\/p>\n<p>MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world&#8217;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&#8217;s website at <i><a href=\"http:\/\/www.mgmresorts.com\/\" target=\"_blank\" rel=\"nofollow noopener\">www.mgmresorts.com<\/a><\/i>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Adjusted EBITDA up 57% Year-on-Year Market Share Reached 16.5% HONG KONG, Aug 1, 2024 \/PRNewswire\/ &#8212; MGM China Holdings Limited (&#8220;MGM China&#8221; or the &#8220;Company&#8221;; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the &#8220;Group&#8221;) for second quarter and the first half of 2024 (the &#8220;Period&#8221;). [&#8230;]\n","protected":false},"author":1,"featured_media":79226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-57832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr-newswire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MGM China Reports 2024 Interim Financial Data - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM China Reports 2024 Interim Financial Data\" \/>\n<meta property=\"og:description\" content=\"Adjusted EBITDA up 57% Year-on-Year Market Share Reached 16.5% HONG KONG, Aug 1, 2024 \/PRNewswire\/ &#8212; MGM China Holdings Limited (&#8220;MGM Chin\" \/>\n<meta property=\"og:url\" content=\"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Biz and Live in Saigon\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SaigonbizGroup\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-01T00:03:37+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#\/schema\/person\/267b348e6cf32a66aab33637c2d399a6\"},\"headline\":\"MGM China Reports 2024 Interim Financial Data\",\"datePublished\":\"2024-08-01T00:03:37+00:00\",\"dateModified\":\"2024-08-01T00:03:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/\"},\"wordCount\":823,\"publisher\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#organization\"},\"articleSection\":[\"Pr Newswire\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/\",\"url\":\"https:\/\/english.saigonbiz.com\/vn\/mgm-china-reports-2024-interim-financial-data\/\",\"name\":\"MGM China Reports 2024 Interim Financial Data - 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