MGM China Reports 2024 Annual Results
Record-High Revenue and EBITDA
Market Share Continued to Grow
HONG KONG, Feb. 13, 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.
SOURCE MGM China
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