MGM China Net Revenues Of $983M In The Current Quarter Compared To $175M YoY, An Increase Of 462%
Portfolio Pulse from Benzinga Newsdesk
MGM China reported net revenues of $983 million in the current quarter, marking a 462% increase from $175 million in the prior year quarter. This growth is attributed to the lifting of COVID-19 related entry restrictions in Macau, higher visitation rates, and an increase in authorized tables in 2023. Adjusted Property EBITDAR also rose to $262 million from a loss of $55 million in the prior year quarter, with a margin of 26.7%.
February 13, 2024 | 9:19 pm
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MGM China, a part of MGM Resorts International, reported a significant increase in net revenues and adjusted property EBITDAR, indicating strong recovery post-COVID-19 restrictions.
The substantial increase in MGM China's net revenues and adjusted property EBITDAR is a positive indicator for MGM Resorts International's overall financial health and growth prospects. The lifting of COVID-19 restrictions and increased visitation in Macau have significantly contributed to this performance, suggesting a strong recovery and potential for further growth.
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