The Macau gambling industry has finally turned a new page in its business history, marking a significant recovery from the impact of the pandemic. 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 represents an 829% increase compared to the same period last year and a 10% improvement over pre-pandemic levels.
The strong performance is also reflected in Adjusted Property EBITDA, which soared to US$226 million in the third quarter of 2023, compared to a US$70 million loss in the same period in 2022. MGM China also achieved a 23% higher EBITDA than the third quarter of 2019 and generated 42% higher gaming floor revenues than in Q3 2019, representing an all-time Q3 record.
The booming revenues are not limited to MGM China, as all MGM gaming properties in Macau have exceeded 2022 levels more than tenfold. The company recorded a 15.5% market share in the quarter, up from 14.3% in Q2 2023. Bill Hornbuckle, CEO and President of MGM Resorts International, remarked on the company’s great momentum and resilience in the face of cybersecurity issues.
Looking forward, MGM China is set to capitalize on upcoming opportunities, including Formula 1’s inaugural Las Vegas race and the debut of the MGM Collection with Marriott Bonvoy, as well as the growth and development of international digital business and BetMGM. The region reported around 23 million visits for the first ten months of 2023, and the Macau authorities have forecast total gross gaming revenues of US$27 billion for 2024, which is consistent with MGM’s belief and expectation.
Overall, the Macau gambling industry has experienced a remarkable recovery, with revenues soaring to unprecedented levels and stakeholders expressing optimism about the future. The industry seems to have put the challenges of the past behind and is now thriving in a new era of success and growth.