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MGM China Reports 2023 Annual Results

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MGM China Holdings Limited has announced the selected unaudited financial data of the Company and its subsidiaries (the Group) for the three and 12 months ended December 31, 2023.

The Group saw a solid recovery in Macau since the market reopened in the beginning of last year. Macau saw average daily visitor arrival for 2023, up by 395% from 2022 to 77,296, recovered to 72% of 2019 pre-COVID levels.

Visitation has boosted the growth of gross gaming revenue (GGR). Industry GGR recorded sequential growth over the quarters last year to reach MOP502 million per day in 2023, recovered to 63% of 2019.

  • MGM China saw record-high performance across segments last year and continued to outperform industry recovery. Property visitation in 2023 was 106% of 2019. Daily GGR was 101% of 2019 and mass GGR (including slot) was 134% of pre-COVID levels.
  • Net revenue of the Group grew by 369% from 2022 to HK$24.7 billion, or 108% of 2019.
  • The Group saw adjusted EBITDA turnaround from 2022 to historical high of HK$7.2 billion, represented 117% of 2019.
  • MGM China had market share of 15.2% for year 2023, up from 9.5% in 2019. MGM COTAI market share was 8.6% and MGM Macau was 6.6%.
  • Adjusted EBITDA margin for the year 29.3%, 210 basis points higher than 2019, with a mass-focused business and continuous improvement in operational efficiency.
  • On a quarterly basis, the Group recorded sequential growth for four consecutive quarters over daily GGR, mass GGR and Adjusted EBITDA. Fourth-quarter Adjusted EBITDA was up 16% from previously to HK$2.2 billion, with adjusted EBITDA margin of 28.5%.
  • The Group maintained a healthy financial position. As of December 31, 2023, the Group had a total liquidity of approximately HK$21.5 billion, comprises cash, cash equivalents and undrawn revolver.

The Group saw business volumes continued to grow in January. Market daily GGR further grew 4% from December to MOP624 million, implying a year-on-year growth of 67%, and 78% recovery of January 2019.

Kenneth Feng, President and Executive Director of MGM China, said: “We are excited about the recovery in Macau and our outperformance across various business segments.

“We will continue to innovate our products and services to enhance customer experience. We are also committed to bringing in more unique integrated tourism experiences to attract international visitors.”

During the year, MGM China has expanded overseas offices in Kuala Lumpur, Manila, Seoul and Osaka. The Group had also held flagship entertainment and gastronomy events including MGM x RR1 Culinary Masters Macau, MGM Chef Nic Gastronomusic Fest and Oktoberfest Macau at MGM, which drew both local and international visitors.

As a supporter of cultural tourism, MGM again collaborated with world-renowned Portuguese artist Joana Vasconcelos to present a large-scale art installation Valkyrie Miss Dior at MGM COTAI. On the art front, the Group presented at MGM Theatre To Infinity and Beyond: The Art of Hsiao Chin, an unprecedented large-scale immersive exhibition as part of Art Macao, a city-wide international event organised by the Macao SAR government. The Group has also announced the collaboration with Poly Culture Group to build a cutting-edge arts and culture museum at MGM MACAU.

In addition, MGM China is determined to bring in world-class events to Macau. The Group has organised MGM Macau Tennis Masters tournament with IMG featuring top international tennis players at the Macao East Asia Games Dome. The Group has also joined hand with the Macao Cultural Affairs Bureau to organise hush! Beach Concerts x Urban Yo~ga Wellfest, a multi-disciplinary festival which marks the debut of MGM’s wellness IP Programme that integrates tourism, health and music industries along the natural coastal Hac Sá Beach in Macau.

“We strive to develop MGM as a destination for visitors and customers, along with the diversification development of Macau. We are devoted in developing Macau into a global and diversified tourist destination through our concession commitments,” Kenneth Feng said.

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Macau Government Extends Lottery Concession of Macau Slot Until 5 June 2026

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The Macau government has extended the lottery concession of Macau Slot Co Ltd for one year until 5 June 2026.

The concession renewal was published in the official gazette on Wednesday. Further extensions may be granted, subject to mutual agreement between the Macau government and Macau Slot.

As part of the renewal terms, Macau Slot is required to gradually reduce its number of non-resident employees and actively collaborate with the government to recruit and retain local talent.

Earlier this month, the government held a meeting with Macau Slot representatives to discuss the extension. According to the Gaming Inspection and Coordination Bureau (DICJ), the city’s industry regulator, Macau Slot committed to cutting 35% of its non-local, non-skilled workforce—equivalent to 26 positions—by the first quarter of 2026. The company also pledged to make further reductions to its foreign labour quota in the future. Currently, non-local staff account for 15% of the total workforce at Macau Slot.

“Over the past year, despite fluctuations in the macroeconomic environment and slower economic recovery in neighbouring regions, the local economy has remained relatively stable under the guidance of the Macau SAR government’s policies,” Macau Slot said in a statement.

“Looking ahead, we are committed to further diversifying our sports betting products to meet customer demand, while upgrading our information technology infrastructure to stay current and deliver more comprehensive sports betting services.”

The post Macau Government Extends Lottery Concession of Macau Slot Until 5 June 2026 appeared first on European Gaming Industry News.

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QTech Games strengthens its elite suite with Bigpot Gaming

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Emerging-markets leader expands its all-encompassing library with exciting new slots portfolio

QTech Games, the leading game aggregator for all emerging markets, has signed its latest provider partnership with Bigpot Gaming, enabling its platform customers to access the supplier’s innovative and multi-faceted slots catalogue.

Bigpot Gaming, an exciting challenger studio in the igaming arena, draws from a deep well of slot games – including titles such as Quests Of Olympus, Mega Sevens, Golden Kitty and Journey To The Abyss – which form an eclectic range of popular titles.

Bigpot Gaming specialises in developing high-quality online slot and table games which are RNG-certified and fully compliant with international regulatory standards. To underscore this commitment to fairness, Bigpot Gaming is certified by four recognised test laboratories in GLI, BMM, GA and iTech Labs.

The agreement also broadens Bigpot Gaming’s global scope, targeting emerging markets and creating new revenue streams. As the fastest-growing aggregator over the past few years, QTech’s platform offers the most expansive gaming portfolio around, localised for each region, retention and marketing tools, and 24/7 local-language support.

QTech Games CEO, Philip Doftvik, said: “It’s another feather in our cap to have integrated more premium content, this time from Bigpot Gaming. We will continue to raise the bar and shape a localised experience for global players. And we can’t wait to witness how these games perform across a range of untapped markets which, in many cases, represent new territory for Bigpot Gaming.”

David Shon, Global Sales Executive at Bigpot Gaming, added: “Bigpot Gaming stands out as a fast-growing rookie studio for slots games and a real revenue-driver for digital casinos, always offering players a fresh yet familiar gaming experience.

“This collaboration marks another crucial step in our company’s worldwide growth strategy, and. Bigpot Gaming is targeting the finest content aggregators to improve our visibility and influence in the sector, and QTech Games sets the gold standard for emerging markets.”

The post QTech Games strengthens its elite suite with Bigpot Gaming appeared first on European Gaming Industry News.

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Polemos Announces Partnership with Guinevere Capital

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Polemos, a Web3 gaming infrastructure platform, has announced a strategic partnership with Guinevere Capital, a prominent esports and gaming investment firm known for its investments and advisory roles in projects such as GiantX, iTero, Perion, Skybox and various other projects across the industry. Guinevere Capital has established a strong reputation for its work across global Web2 gaming titles, including League of Legends, Valorant, Rocket League and many more. This partnership aims to leverage the combined expertise of Polemos.io and Guinevere Capital to enhance and further monetise audiences across publishers, infrastructure players, gaming companies, studios and platforms.

The collaboration will focus on integrating advanced asset management and engagement tools from Polemos.io’s Forge platform with Guinevere Capital’s extensive network and experience in both Web2 and esports ecosystems. This will create new monetisation opportunities and improve player experiences by bridging traditional gaming with blockchain-enabled innovations.

Carl Wilgenbus, CEO of Polemos.io, said: “Partnering with Guinevere Capital marks a significant milestone in our mission to expand access to gaming rewards and unlock new revenue streams for the entire gaming industry. Together, we will empower publishers and studios to better engage their audiences and capitalize on the evolving landscape of gaming and esports.”

“Polemos has built an impressive piece of infrastructure that has plugged a huge gap in the gaming sector. We look forward to working with them to commercialise this,” said Dave Harris, a partner at Guinevere Capital.

Dave’s previous experience includes investing in and operating top teams and leagues in the Riot Games and Activision Blizzard ecosystems.

Guinevere Capital’s strategic involvement will accelerate the adoption of blockchain gaming infrastructure while supporting the growth of esports and gaming communities worldwide. This alliance underscores a shared vision to drive innovation, education and monetisation in the gaming sector by combining Web2’s reach with Web3’s potential.

The post Polemos Announces Partnership with Guinevere Capital appeared first on European Gaming Industry News.

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