MGM China's revenue jumps 71pc to $8.2b

MGM China's (2282) revenue surged 71 percent to HK$8.26 billion in the first quarter from a year ago, surpassing projections.

Adjusted property earnings before interest, tax, depreciation, amortization and rent was HK$25.5 billion in the first quarter, up 78 percent yearly.

As it continued to benefit from the removal of Covid-19 related entry restrictions in Macau and the continued ramp up of operations, the company declared a resumption of dividend payments.

In the first three months of 2024, hotel occupancy reached 151 percent of the level in the same period in 2019, overall daily gross gaming revenue reached 136 percent of pre-pandemic levels, while mid-level gaming revenue - including slot machines - was 189 percent higher compared to the first quarter of 2019.

During the period, MGM China's market share further expanded to 17 percent, compared to 15.2 percent in 2023 and 9.5 percent in 2019.

MGM shares climbed 4.8 percent to HK$13.92 on the results yesterday.

Other casino operators such as Sands China (1928), Wynn Macau (1128), Galaxy Entertainment (0027) and SJM Holdings (0088) also saw a increase in their share price.