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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.

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  • 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.

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“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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Online Casino Platform 96M Partners with Formula 1

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Formula 1 and 96M, a premier Asian online casino platform, have officially announced a landmark partnership, bringing a new wave of excitement to fans throughout the region. This collaboration establishes 96M as the official betting partner of F1 in Asia, offering exclusive content, innovative betting opportunities and a forward-looking perspective on the future of both industries.

This partnership goes beyond the standard offerings. Fans can look forward to exclusive content tailor-made for the Asian market. Not only will fans gain a deeper understanding of the sport, but they’ll also be armed with the knowledge to make informed betting decisions.

96M will offer a thrilling array of exclusive betting options specifically designed for the Asian market. From daring pre-race predictions to in-play wagers that keep the adrenaline pumping, this partnership promises to elevate the viewing experience for fans of all levels.

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To celebrate this exciting collaboration, 96M is launching a special prediction promotion with a unique twist. Fans can participate by predicting race outcomes on the 96M platform via the one-of-a-kind F1 Airdrop. This innovative promotion promises a thrilling way for fans to engage with the sport and potentially score exclusive incentives.

This partnership is poised to redefine the landscape of both online betting and motorsport. By leveraging F1’s global reach and 96M’s expertise in the Asian market, the collaboration aims to set new standards for innovation, responsible gaming and audience engagement. With a shared commitment to delivering exceptional experiences, F1 and 96M are positioned to lead the industry forward.

The partnership officially commences ahead of the 2024 Singapore Grand Prix, marking the beginning of a thrilling new era for both F1 and 96M.

The post Online Casino Platform 96M Partners with Formula 1 appeared first on European Gaming Industry News.

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Fun88 and Dale Steyn Team Up for Another Winning Partnership

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Fun88, a leading online gaming platform, announced the continuation of its partnership with legendary cricketer Dale Steyn as its brand ambassador. This collaboration, which began in 2023, has significantly strengthened Fun88’s credibility and trustworthiness in the global gaming industry. The company is excited to have Steyn with them for another year, connecting with fans everywhere.

Dale Steyn, a former South African cricketer renowned for his exceptional cricketing career and celebrated as one of the greatest fast bowlers in the history of the sport, brings with him a wealth of experience & a legacy of excellence. His association with Fun88 underscores the platform’s commitment to providing a safe, secure and reliable gaming experience for all users.

Dale Steyn said: “From humble beginnings to the world stage, I made it through hard work, dedication, and belief. I pushed limits, broke barriers, and never forgot to have fun. Now, with FUN88, my journey continues. Whether it’s your next big game or a shot at fame, Fun88 is your guide. Play Fun, Win Big!”

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Over the past year, Steyn’s role as a brand ambassador has played a pivotal role in elevating Fun88’s reputation. His professionalism, along with his love for sports, matches Fun88’s values of transparency, caring for customers and providing top-quality entertainment. His presence has helped Fun88 connect with sports fans on a deeper level and bring them closer to the action. As Fun88 continues to expand, the platform is looking forward to strengthening its relationship with Steyn.

Fun88 is a leading name in the sports industry, sponsoring well-known teams and events across various sports like cricket, football and kabaddi. The platform is dedicated to promoting sportsmanship and connecting fans with their favorite games through innovative, engaging experiences, offering exciting opportunities for sports lovers to interact with teams and events through betting and live-action features.

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Xsolla to Present Global Expansion Solutions at Tokyo Game Show 2024

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Xsolla, a global video game commerce company, will showcase its cutting-edge solutions at Hall 4, Booth #04-C48, during the Tokyo Game Show 2024, which will take place from September 26-27, 2024, at the Makuhari Messe Convention Center in Tokyo, Japan. Xsolla’s booth will feature live demonstrations of its latest solutions aimed at helping game developers and publishers succeed in expanding to international markets.

During the event, Jin Jeong, Regional Vice President of Xsolla Japan, will deliver a keynote session focusing on the critical role of Xsolla’s Merchant of Record (MoR) solutions in transforming the way game companies handle cross-border transactions, taxes, and regulatory complexities. This session will offer developers and publishers a comprehensive look into how Xsollasimplifies global operations, allowing studios to focus on creating games while Xsolla handles the business side.

In addition to showcasing their MoR solutions, Xsolla will demonstrate how their payment systems and cross-play/cross-pay features enhance global reach for game developers of all sizes and across all platforms. Xsolla will also showcase how they help video game companies integrate with various payment methods worldwide, allowing developers to monetize their games across different regions easily.

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David Stelzer, President of Xsolla, emphasized the significance of this event for the company: “We’re thrilled to be part of the Tokyo Game Show and to present our latest solutions designed to empower game developers and publishers to expand globally. Our mission is to support the gaming industry with the tools they need to thrive in international markets, and we are eager to showcase how Xsolla can make global expansion easier and more effective.”

Attendees are invited to visit Xsolla’s booth to meet with the team of experts, who will be available to provide insights, answer questions, and discuss how their tailored solutions can help game developers and publishers grow their businesses. For those interested in more in-depth discussions, Xsolla also offers one-on-one meetings to explore specific solutions for global market expansion.

The post Xsolla to Present Global Expansion Solutions at Tokyo Game Show 2024 appeared first on European Gaming Industry News.

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