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<Results>MGM CHINA (02282.HK) 1Q24 Adj. EBITDA Hikes 77.3% YoY to $2.5B+
MGM CHINA (02282.HK) announced that its controlling shareholder, MGM Resorts International, has released its unaudited results for 1Q24 ended March, prepared in accordance with US ...
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<Results>MGM CHINA (02282.HK) 1Q24 Adj. EBITDA Hikes 77.3% YoY to $2.5B+
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MGM CHINA (02282.HK)  -0.360 (-2.429%)    Short selling $9.63M; Ratio 14.938%   announced that its controlling shareholder, MGM Resorts International, has released its unaudited results for 1Q24 ended March, prepared in accordance with US GAAP.

Of which, MGM CHINA's total revenue hiked 70.6% YoY to $8.258 billion, 143% of that in 1Q19. Revenue from MGM Macau lifted 49.2% to $3.495 billion, while revenue from MGM Cotai surged 90.6% to $4.763 billion.

During the period, MGM CHINA's adjusted EBITDA and market share hit record highs, with adjusted EBITDA of $2.505 billion, rising 77.3% YoY and reaching 155% of 1Q19 levels. MGM Macau's adjusted EBITDA elevated 63.2% to $1.134 billion and MGM MACAU's adjusted EBITDA spiked 90.9% to $1.371 billion. MGM CHINA's market share climbed further to 17% in 1Q24, compared to 15.2% last year and 9.5% in 2019. MGM Cotai had a 10.1% market share in the quarter, while MGM Macau had a 6.9% market share.

MGM CHINA's 1Q24 hotel visitations were 151% of that in 1Q19. Overall average daily gross GGR was 136% of 1Q19 and mass GGR (including slots) was 189% of the pre-pandemic level. Adjusted EBITDA margin reached 30.3%, a new post-Covid high, up from 29.2% in 1Q23 and 28.1% in 1Q19. Average hotel occupancy was 93.4%, compared to 90.5% in 1Q23 and 91.8% in 1Q19.

The group's total liquidity at the end of March this year was approximately $16.9 billion, comprising cash, cash equivalents and available undrawn credit facilities.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-17 12:25.)

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