MGM China shows 900% casino revenue growth for Q3

Updated:2024-03-31 07:57    Views:161

MGM Resorts subsidiary MGM China saw casino revenue growth of 900% and an overall net revenue increase of 829% in Q3 2023. Its net revenue, totalling $813m, puts MGM China's Q3 2023 earnings at a 10% increase compared to Q3 2019, showing that the Macau gambling market may be returning to full health following the Covid-19 pandemic.  

Macau has shown significant recovery in 2023, with the area reporting its October 2023 revenue to be the highest so far this year, and its closest to pre-pandemic levels yet. Other operators in Asia, such as Melco, have also reported a positive Q3 2023, with Melco bringing in a total quarter operating revenue of $1.02bn. 

At MGM China, however, recovery has gone beyond meeting pre-pandemic levels and has now succeeded them. Despite this, stock prices are slightly down following the Q3 results, with prices down 4.1% from 9 November start-of-day trade. 

A breakdown of key gaming statistics at MGM China shows significant growth in casino revenue from this time last year,Online Casino Games up 900% for a total revenue of $714m. Main floor table games drop was also up 838%, signifying just how much engagement has increased at MGM China following the lifting of many Covid-19 restrictions.