The company recorded earnings before interest, taxes, depreciation, amortization and restructuring or leasing costs (EBITDAR) of 2.5 billion Hong Kong dollars (299 million euros) between January and March.
According to a statement sent to the Hong Kong stock exchange, the result for the first quarter of 2024 also represents an increase of 54.7% compared to the same period in 2019, before the start of the pandemic.
MGM China had ended 2023 with a record profit of 7.24 billion Hong Kong dollars (864.2 million euros), after three consecutive years of losses due to the covid-19 pandemic.
The two hotel-casinos operated by the company in the Chinese special region recorded revenues of 8.26 billion Hong Kong dollars (985.5 million euros) in revenue, 70.6% more than in the first quarter of 2023 and more 43.4% than in 2019.
MGM China’s parent company, North American MGM Resorts International, said the results benefited from “the lifting of travel and entry restrictions (in Macau) due to Covid-19”.
Macau, which like China followed the “zero covid” policy, reopened its borders to all foreigners, including tourists, on January 8, 2023, after almost three years of strict restrictions.
Six gaming concessionaires, MGM, Galaxy, Venetian, Melco, Wynn and SJM, operate in Macau, the only place in China where casino gambling is legal, currently under 10-year licenses that came into force on January 1, 2023.
