Macau casino operator, MGM China Holdings, reported a surge in its net revenue in the last quarter of 2023.
Macau Business reported that based on the unaudited company filing to the Hong Kong Stock Exchange, the Q4 performance is up 35 percent compared to the same period of 2019, pre-pandemic time.
According to the report, the casino operator also managed to produce US$262 million (€243.36 million) in adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), marking a turnaround from a loss of US$55 million (€51.06 million) in 2022.
The recorded earnings are even up 42 percent in comparison with the 2019 level.
2023 a record-breaking year for MGM
Based on the company’s filing as well, MGM China saw its net revenue grow to 368 percent, standing at US$3.2 billion (€2.97 billion) versus US$674 million (€626 million) in the previous year.
A JP Morgan analyst noted that MGM was by far the best share gainer for both mass and VIP.
The analyst added that January this year seems to be tracking even better than 4Q.
MGM China’s quarter-on-quarter increase
The report further said that MGM China experienced a quarter-on-quarter increase of 23 percent in gross gaming revenue (GGR), outperforming the industry’s growth of 11 percent.
Several analysts said with this performance, the company achieved a market share of over 16 percent, compared to 14 percent in the previous quarter and 9.5 percent in 2019.
Operating expenses increase as well
Despite the rise in revenue, the company filing also showed that MGM China’s operating expenses grew by 23 percent compared to the previous quarter. In contrast, other industry firms recorded only single-digit growth.
SiGMA Eurasia and SiGMA Africa – less than a month away
With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.
The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable opportunities for attendees to network with industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets.
