BRIEF: MGM China’s growth slows in fourth quarter
Casino operator MGM China Holdings Ltd. (2282.HK) said on Thursday its revenue rose 4% to $1 billion in the fourth quarter from $983 million a year earlier, crediting improved casino revenues due to a favorable hold rate compared with the prior year. The company’s full-year net revenue totaled $4 billion, up 28% from 2023.
MGM China reported net revenue of $1.1 billion, $1 billion and $929 million in each of the first three quarters of this year, respectively, representing double-digit gains for each period. The single-digit fourth-quarter gain shows the revenue growth is slowing sharply with the easing of a post-pandemic rebound.
The company said fourth-quarter occupancy rates for its MGM Macau and MGM Cotai resorts were 94.8% and 93.9%, respectively, roughly the same as 2023; but revenue per available room (revpar) fell sharply for both, with MGM Macau down 26% to HK$2,383 ($306) and MGM Cotai down 28% to HK$2,031.
Shares of MGM China opened up 4% at HK$10.1 on Thursday and continued to rise through the morning session. But the shares are still down around 25% from their high over the past six months.
By Lau Chi Hang
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