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MGM China Reports 2023 Annual Results
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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Red Bull announces brand-new Trackmania tournament ‘Red Bull Faster’, set to descend on Red Bull Racing’s Milton Keynes HQ
Start your engines as Red Bull teams up with top Trackmania creator Øyvind “Wirtual” to bring the ultimate high-speed tournament to Red Bull Racing’s Milton Keynes HQ.
An adrenaline-fueled showdown, Red Bull Faster is set to take place on 1 March at MK-7, with online qualifiers open from 24 January, 7pm CET (6pm GMT / 10am PST) until 7 February. Players globally can head to the in-game club ‘Red Bull Faster’ to access the tournament’s custom maps.
Hopeful competitors can put the pedal to the metal, racing across 3 challenging maps in Time Attack mode to clinch the best cumulative time on the global leaderboard. The Top 100 fastest players will advance to the stage 2 online qualifiers, with the Top 8 securing a coveted spot on the starting line at the offline Grand Finals in Milton Keynes.
Hosted by an iconic Trackmania creator, “Wirtual” will be livestreaming all the daring jumps, hairpin turns, and dizzying loops of the high-octane competition across his YouTube and Twitch channels. With the clock ticking, it’s time for seasoned pros and rising racers to grind the ladder, burn rubber on the virtual speedway, and drift, dive, and drive to pole position before qualifiers close on 7 February.
As Red Bull Faster gears up to be the ultimate test of speed and skill, racing fans can also join the action with limited in-person spectator tickets now available. Tickets include food for attendees and photo opportunities with Red Bull’s F1™ race cars.
The post Red Bull announces brand-new Trackmania tournament ‘Red Bull Faster’, set to descend on Red Bull Racing’s Milton Keynes HQ appeared first on European Gaming Industry News.
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UNdisputedly GR8 ICE 2025 with GR8 Tech, RTF by Oleksandr Usyk, and the Leaders of iGaming
ICE 2025 marked GR8 Tech’s second birthday and a strong start to the year for the company. The provider showcased innovative iGaming solutions and reinforced its position as a high-performing industry leader, unveiling its partnership with Ready to Fight co-founded by boxing champion Oleksandr Usyk.
“GR8 Tech is dedicated to excellence in iGaming technology. Our solutions are designed not only to be fast, reliable, and innovative but to empower operators with a competitive edge in their markets. ICE 2025 was a celebration of our journey so far and a showcase of the market-leading solutions that define us. We are thrilled to continue pushing the boundaries of what’s possible in iGaming and delivering the tools our partners need to lead their markets as undisputed champions,” said Sergey Ghazaryan, CRO at GR8 Tech. GR8 Tech at ICE Barcelona 2025: The UNbelievably GR8 Recap!
A Game-Changing Partnership Usyk’s RTF Platform
The partnership with Ready to Fight was officially officially unveiled during the third day of ICE 2025 with a presentation by GR8 Tech’s CRO, Sergey Ghazaryan, and Bohdan Salii, CVO at Ready to Fight. The presentation attracted a mix of conference attendees, including industry leaders from organizations like Clarion Gaming and SiGMA Group, who gathered to witness the launch of this exciting collaboration.
Following the presentation, the stand came alive with an engaging arm-wrestling challenge. Prominent industry leaders, founders, and top managers from SiGMA Group, NEXT.io, Gaming Operations Academy, ICS-digital, and others participated, bringing energy and excitement to the event. The ultimate prize—a pair of boxing gloves signed by Usyk—went to the winner of the challenge, Zakaria El Maaroufi, Head of M&A Brokerage at SiGMA Group. To keep the fun going, a lottery draw later in the day gave attendees another chance to win their own signed gloves, making it a truly memorable experience.
Throughout the partnership announcement and celebration, GR8 Tech showcased signed boxing gloves worn by Oleksandr Usyk during his historic victory over Tyson Fury in the spring of 2024. These gloves, complete with a certificate of authenticity, were prominently displayed in the ring area of the stand, symbolizing the unstoppable performance that both Usyk and GR8 Tech bring to the table.
New Deals with a Tailored High-Performance Solution Portfolio
As the first major event of the year, ICE sets the tone for business opportunities and innovation across the industry. GR8 Tech used this opportunity to introduce a refreshed product portfolio solution, known for delivering an adaptable, scalable, and cost-effective platform that guarantees above-market profit margins. Visitors were also introduced to the updated Sportsbook Turbo iFrame, which provides an award-winning sportsbook that can be integrated within a week. The showcase of the Infinite Casino Aggregation impressed attendees with its vast selection of over 15,000 games and over 175 game providers, appealing to those looking to diversify and expand their portfolios with ease.
“ICE 2025 highlighted GR8 Tech’s sharp business focus and the well-organized nature of the event. It was the perfect mix that helped us connect with the right people and have valuable conversations. We had hundreds of productive meetings, setting the stage for some exciting deals and partnerships. This event has once again been a great step forward in growing our presence and solidifying our position as leaders in the industry,” said Yevhen Krazhan, CBDO at GR8 Tech.
Looking ahead
After celebrating its milestone birthday at ICE, GR8 Tech is energized for the year ahead. With an UNprecedented roadmap for 2025, the company’s next major trade show is iGB Live in July—with new surprises from the RTF partnership in store. Stay tuned for more exciting updates from GR8 Tech as the journey continues.
The post UNdisputedly GR8 ICE 2025 with GR8 Tech, RTF by Oleksandr Usyk, and the Leaders of iGaming appeared first on European Gaming Industry News.
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Betway signs UFC Champion Dricus “Stillknocks” du Plessis as Global Ambassador
Leading global online betting and gaming brand, Betway, has signed the Ultimate Fighting Championship Middleweight Champion, Dricus du Plessis, as a global brand ambassador.
Du Plessis, the reigning and undisputed Middleweight Champion is currently undefeated in the world’s biggest mixed martial arts organization, boasting a commanding 10-fight win streak with a stellar 22-2-0 career record.
The African MMA superstar joins the Betway Squad as he prepares to defend his title at UFC 312 in Sydney, Australia on Saturday 8 February.
Betway Africa’s Head of Marketing, Mark Rowles, who was delighted to add du Plessis to the impressive Betway Squad commented, “At Betway, we pride ourselves on aligning our global recognised brand with exceptional sporting properties such as the Betway SA20, Betway Premiership, and the Springboks, as well as working with inspirational sports stars and we are immensely proud to have Dricus join us. He is a great ambassador for South Africa and African MMA, he has established himself as one of the top MMA athletes in the world, his International Fighter of the Year award is testament to the incredible year he has had in the UFC, and we wish him well for his title defence at UFC 312. We are all behind the champ.”
du Plessis made history at UFC 297 in Toronto when he became South Africa’s first UFC world champion after beating American Sean Strickland by split decision. He has since continued his meteoric rise by defending his belt against former two-time champion Israel Adesanya, winning by submission at UFC 305 in Perth in August of last year.
“Betway having chosen to invest in me and my sport is a tremendous honour, by and in itself. Knowing that this collaboration creates opportunity for aspiring MMA-athletes and South African sports talents, provides me with a tremendous sense of pride and motivation to maintain our country’s championship status, you can bet on that!
The 31-year-old continues to inspire a nation through his performances in the UFC octagon and hopes to see more people take up the sport after firmly putting African MMA in the spotlight in 2024.
The post Betway signs UFC Champion Dricus “Stillknocks” du Plessis as Global Ambassador appeared first on European Gaming Industry News.
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