MGM China (OTC:MCHVY) reported a remarkable upturn in its Q3 financials, demonstrating a robust recovery in the post-pandemic landscape. The company's net revenues for the quarter reached US$813 million (MOP 6.5 billion), a 10% increase from Q3 2019 and a 9.7% surge from Q2 2023. This remarkable performance represents an 829% year-on-year (YoY) growth.
The company's flagship MGM Cotai property was the top performer, contributing over half of the total Adjusted EBITDA, with MGM Macau providing the rest. The adjusted Property EBITDAR stood at US$226 million (MOP 1.8 billion), marking a 23% increase from Q2 2023.
The parent company, MGM Resorts (NYSE:MGM), also reported strong performance with consolidated revenue at US$4 billion (MOP 32 billion), indicating a 16% YoY growth. Bill Hornbuckle, CEO of MGM Resorts, commended the outstanding performance of MGM China and highlighted future growth opportunities in New York, Japan, and digital ventures.
Kenneth Feng announced MGM China's impressive post-pandemic recovery strategy that has led to visitor numbers and Gross Gaming Revenue (GGR) outperforming other concessionaires. The Q3 visitor numbers were 121% of those in Q3 of 2019, significantly higher than Macao's overall daily visitor arrivals at 84% of their pre-Covid level.
The company's EBITDA was at HK$1.9 billion, marking 122% of Q3 2019's total, a significant outperformance compared to the industry's estimated 80%. Feng also mentioned the Barra gentrification scheme and plans for investment in the gaming floor to enhance table yield. He expressed excitement about MGM China's recovery and its strategy to attract international visitors with unique integrated tourism experiences, as part of the company's diversification development in Macao. This strategy aims to consolidate its position in the recovering market.
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