MGM China (2282) Q3 2024 earnings summary

Executive summary

• Achieved record third-quarter net revenue and Adjusted Property EBITDAR, driven by post-pandemic recovery and strong gaming performance.

• Declared a special dividend in August 2024, resulting in approximately $200 million in cash to the parent company this year.

Financial highlights

• Third-quarter 2024 net revenue reached $929 million, up 14% year-over-year from $813 million.

• Adjusted Property EBITDAR for Q3 2024 was $237 million, a 5% increase from $226 million in Q3 2023.

• Nine-month 2024 net revenue totaled $3,003.7 million, up from $2,171.1 million in the prior year period.

• Adjusted EBITDA for Q3 2024 was HK$1,984 million, up from HK$1,885 million in Q3 2023.

Outlook and guidance

• Continued positive impact from the removal of COVID-19 travel and entry restrictions, supporting ongoing recovery.