MGM Resorts International(MGM) Prnewswire·2025-02-12 22:24Core Insights - MGM China Holdings Limited reported record-high revenue and EBITDA for the year 2024, with net revenue growing by 27% to HK9.1 billion, up by 25% year-on-year, which is 147% of 2019 figures [7] - MGM China's market share reached an all-time high of 15.8% in 2024, an increase from 15.2% in 2023 and significantly higher than 9.5% in 2019 [7] Financial Performance - Daily gross gaming revenue (GGR) increased by 29% year-on-year, reaching 129% of pre-COVID levels [7] - Mass GGR, including slot revenue, rose by 33%, achieving 179% of pre-COVID levels [7] - Adjusted EBITDA margin improved to 28.9%, which is 170 basis points higher than in 2019 [7] Visitor Trends - Macau welcomed 34.9 million visitors in 2024, a 24% increase from the previous year, with daily visitation recovering to 88% of 2019 levels [2] - MGM China's property visitation grew by 54% year-on-year, reaching 163% of 2019 levels [7] - Hotel occupancy rates improved to 94% in 2024, up from 92.5% in 2023 [7] Cultural and Non-Gaming Initiatives - MGM China hosted various cultural events and festivals in 2024, including concerts and exhibitions, enhancing its non-gaming revenue streams [4][6] - The Poly MGM Museum opened in November 2024, attracting nearly 500,000 visitors and showcasing 228 artifacts related to the Maritime Silk Road [5][7] - The company is committed to promoting cultural tourism and economic diversification in Macau [7][9] Community Engagement - MGM China has initiated community engagement efforts in the Barra district, introducing art exhibitions and workshops to revitalize local areas [8]