Macau’s gambling industry has seen a remarkable turnaround after the impacts of the pandemic, with record-breaking revenues and strong market performance. MGM China, a subsidiary of MGM Resorts International, reported net revenues of US$813 million for the period from January 1 to September 30, 2023. This figure represents an 829% increase compared to the same period last year, signaling a significant recovery in the market.
In addition, the company’s Adjusted Property EBITDA soared to US$226 million in the third quarter of 2023, compared to a loss of US$70 million in the same period in 2022. These results show a 23% increase in EBITDA compared to the third quarter of 2019, marking an all-time record performance for MGM China.
The positive results have been seen across all MGM gaming properties in Macau, with revenues exceeding 2022 levels by more than 10 times. MGM China’s market share also increased to 15.5% in the third quarter of 2023, up from 14.3% in the previous quarter, indicating a strong recovery for the company.
Bill Hornbuckle, the CEO and President of MGM Resorts International, expressed optimism about the future, citing upcoming events such as Formula 1’s inaugural Las Vegas race and the debut of the MGM Collection with Marriott Bonvoy. He also mentioned the strong performance of MGM China and the company’s development opportunities in New York and Japan, as well as its international digital business and BetMGM.
The Macau gambling business is booming, with around 23 million visits reported in the first ten months of 2023. Hubert Wang, MGM China’s CEO and President, also expressed confidence in the region’s gross gaming revenues, with a forecast of US$27 billion for 2024, aligning with MGM’s belief and expectation.
Overall, the Macau gambling industry has bounced back in a remarkable fashion, demonstrating strong growth and a bright future ahead.