Business Is Booming In Macau As MGM China Reports Strong Q3 Results
Summary:
- MGM China reports net revenue increase of 829% in Q3
- MGM China strong results suggests Macau’s casino market has recovered from COVID-19 market collapse
- MGM Resorts CEO happy to see business booming again in Macau
Macau which is the biggest gambling market in the world saw its gross gaming revenues decline significant after COVID-19 hit and casino operators in the region like MGM China which is a subsidiary of MGM Resorts took a huge financial hit!
Things appear to have changed significantly with MGM China reporting strong Q3 results, suggesting that Macau’s gaming market might have finally recovered from the COVID-19 fallout.
MGM China Reports Strong Q3 Results
MGM China has saw its casino revenues soar to over 900% in Q3 of 2023 and reported an overall net increase in revenues of 829%. MGM China’s net revenues in Q3 came up to $813 million which is a 10 percent increase when compared to Q3 of 2019 which was pre-COVID revenues.
Melco Resorts and Entertainment, a competitor to MGM China has also reported strong numbers in Q3 bringing in $1.02 billion in operating revenue. These numbers further suggest that Macau’s gaming market has finally recovered from the COVID-19 market fallout.
One of the reasons for the significant market revenue in Macau in 2023 is because most of the stringent COVID-19 regulations have been lifted. This has resulted in an increase in tourists and reflected in MGM China’s main floor table games drop which went up by 838%.
MGM CEO Happy With Macau Market Recovery
MGM Resorts President and CEO Bill Hornbuckle was very happy with the results from MGM China and said that they did great business over the Golden Week which took place in October.
In a statement, Hornbuckle said
Results have been outstanding because of the ingenuity and execution of the team at MGM China. I think we are kicking on all cylinders there and doing the right things. We are still laser-focused on three key priorities: making, changes to our casino floors and existing room products, to maximise yields; taking care of our mass and premium-mass customers; and driving international tourism.
MGM China President and COO Hubert Wang said more tourists were coming in due to the entertainment and concerts that were taking place in Macau and that was incremental to improving gross gaming revenues.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
