MGM China Reports 2023 First Quarter Financial Data
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- MGM China continued to outperform the market amid of industry recovery. Net revenue of the Group increased by 131.2% year-on-year to HK$4.8 billion for the Period, reached 84% of first quarter 2019.
- The Group reported adjusted EBITDA of HK$1.4 billion, significantly improved from HK$46 million same period last year, reached 87% of first quarter 2019.
- Daily GGR for the Period recovered to 76% of first quarter 2019, outperformed industry's 45% recovery.
- MGM China saw record high mass GGR during the Period. Daily mass GGR surpassed pre-COVID levels at 107% of first quarter 2019, higher than market's 60-70% levels.
- We saw market share reach historical high of 15.4% during the Period, compared to 13.3% a year ago and 9.4% in first quarter 2019. MGM MACAU market share was 7.5% and MGM COTAI market share was 7.9%.
- Adjusted EBITDA margin also grew to 29.2%, compared to 28.1% in first quarter 2019, with a mass-focused business and continuous improvement in operation efficiency.
- Average occupancy was 90.5%, compared to 49.2% same period a year ago.
- On a property basis, MGM MACAU recorded revenue of HK$2.3 billion (22Q1: HK$1.2 billion) and an adjusted EBITDA of HK$695 million (22Q1: HK$153 million).
- MGM COTAI saw revenue of HK$2.5 billion (22Q1: HK$914 million) and an adjusted EBITDA of HK$718 million (22Q1: negative adjusted EBITDA of HK$108 million).
- The Group maintained a healthy financial position. As of March 31, 2023, the Group had total liquidity of approximately HK$15.5 billion, comprised of cash and cash equivalents and undrawn revolver.
- our deep understanding of customers with continued improvements in service levels;
- we improved our offering, with remodels of the main gaming floors at both MGM MACAU and MGM COTAI to focus on mass and premium mass customers;
- we also have the advantage of our global scale and international branch marketing network. We are actively leveraging our customer database to bring global customers to our properties; and
- enhancing profitability with additional tables.
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SOURCE MGM China