MGM China’s Casino Revenue Skyrockets 900% in Q3 2023
Kate Marshal
11 November 2023
Comment 0
MGM China, the Chinese branch of the gambling giant MGM Resorts, has made a stunning comeback in the Q3 of 2023. Its casino revenue soared by 900% compared to the same period in 2022, reaching $714 million.
That’s not all. The unit’s net revenue also jumped by 829%, totaling $813 million USD.
This means that MGM China has not only recovered from the pandemic, but also surpassed its pre-pandemic performance. Its quarterly earnings are 10% higher than in the third quarter of 2019.
Meanwhile, the overall gambling business in Macau is still lagging behind its pre-pandemic levels.
But MGM China’s success doesn’t reflect on the parent company’s results. MGM Resorts’ net revenue for Q3 only grew by 16% ($4 billion) compared to the previous year. Remember that in September, MGM Resorts’ American operations were hit by a huge cyberattack, which cost the company up to $100 million.
MGM Resorts CEO William Hornbuckle said, “MGM China is performing exceptionally well, and we have a pipeline of development opportunities, including New York and Japan, alongside the growth and development of our international digital business and BetMGM”.
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