Following the January 8 re-opening of the Macau gaming facilities, global gaming giant MGM Resorts, led by its CEO and President Bill Hornbuckle, announced that the company’s Macau IRs are currently delivering the highest earnings to MGM Resorts. Exceptional revenue levels reached during the Chinese New Year Holidays and flexible travel policies continue to ramp up the region’s revenues into February and start reflecting the record 2019 levels.
Gaming volumes reaching 2019 levels:
According to Inside Asian Gaming, MGM Resorts CEO Hornbuckle stated Thursday that the company’s gaming volumes reached 100% of 2019 levels in Macau in January, with MGM Resorts having acquired the historically highest market share in Macau during the month. The MGM President explained that the addition of 198 new gaming tables surely contributed to the record levels reached by this concessionaire at the very beginning of its 10-year concession mandate that started on January 1, 2023.
Hornbuckle said: “We are experiencing a rebound in 2023 as our guests are returning in force, just as they did in Las Vegas when restrictions were lifted there. In fact, quarter to date we are excited to report that MGM China’s combined properties are the highest earning businesses within our company.” He added: “We see these early results as validation of our confidence in the Macau market’s recovery and the long-term viability upon which our re-tendering commitments were built.”
Record market share:
Commenting the details of the stellar Macau recovery, Hornbuckle continued: “The rebound come January 8 was pretty much instant. We peaked during Chinese New Year making a little over US$5 million per day, achieved 16% market share and our mass piece of volumes were 100% of 2019 levels. We’re only talking 30 days here but from where we came from, and having activated between 150 and 200 new tables, we are very excited by what’s happened in that first 30 days.”
The 16% market share acquired by MGM China in January is the record level for the concessionaire as its daily revenue and the visitor count exceeded the figures referring to the same period of the previously all-time high 2019 levels. MGM China President and COO Hubert Wang, indicated the revenue and the volumes as the key drivers for MGM China to hit record level in revenue and market share in January 8.
Commenting on the recent result and the future prospects, Wang said: “It is also very promising to see January run rate has extended into the first week of February, so we are very confident in the sustainable recovery of the Macau market and beyond.”
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