MGM CHINA(02282)2025-03-20 09:06Financial Performance - MGM China Holdings Limited reported total revenue of HKD 31,387,155 thousand for the year ending December 31, 2024, an increase of 27.2% from HKD 24,684,210 thousand in 2023[3]. - The company's net profit attributable to shareholders rose to HKD 4,603,408 thousand, up 74.5% from HKD 2,638,304 thousand in the previous year[4]. - Adjusted EBITDA for the year was HKD 9,058,637 thousand, reflecting a growth of 25.2% compared to HKD 7,235,246 thousand in 2023[3]. - The basic earnings per share increased to HKD 1.211 from HKD 0.694, representing a growth of 74.5%[3]. - Total operating revenue for 2024 was HKD 31,387,155, up 27.1% from HKD 24,684,210 in 2023[22]. - The gaming segment generated revenue of HKD 27,282,911 in 2024, a 24.8% increase from HKD 21,821,840 in 2023[22]. - Casino revenue increased by 25.0% to HKD 27,282,911 thousand for the year ended December 31, 2024, compared to HKD 21,821,840 thousand in 2023[117]. - Main table gaming win increased by 33.6% to HKD 28,603,955 thousand, with betting amounts rising by 16.0% and 25.9% for MGM Macau and MGM Cotai, respectively[117]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.251 per share, totaling approximately HKD 953.8 million, which is about 20.7% of the net profit attributable to shareholders[5]. - The company declared a special dividend of HKD 0.353 per share, totaling HKD 1,341,900 thousand, paid on October 4, 2024[28]. - The company repurchased a total of 23,381,800 shares at a total cost of HKD 320.5 million for the year ending December 31, 2024[178]. - The repurchase aimed to maintain the same issued share capital and enhance the stability of the company's equity, thereby improving net asset value per share[179]. Assets and Liabilities - Total assets increased to HKD 30,603,648 thousand in 2024, compared to HKD 29,181,304 thousand in 2023, marking a growth of 4.9%[10]. - Total liabilities decreased slightly to HKD 30,076,121 thousand in 2024 from HKD 30,508,524 thousand in 2023[12]. - The company’s cash and cash equivalents rose to HKD 5,315,440 thousand, up from HKD 4,231,986 thousand in the previous year, indicating a 25.6% increase[10]. - The group has a net current liability of HKD 2,561,800 as of December 31, 2024, down from HKD 5,187,400 in 2023[14]. - Total borrowings decreased from HKD 24,098,731,000 in 2023 to HKD 22,919,939,000 in 2024, indicating improved debt management[44]. Operational Highlights - The company’s operating profit for the year was HKD 6,156,404 thousand, a 35.4% increase from HKD 4,547,486 thousand in 2023[3]. - The average daily win per main gaming table increased to HKD 107.3 in 2024 from HKD 92.0 in 2023, reflecting a growth in gaming performance[114]. - The occupancy rate for hotel rooms was 94.5% in 2024, up from 93.9% in 2023, indicating strong demand in the hospitality sector[114]. - The total win from main gaming tables at MGM Macau was HKD 12,158,127 in 2024, compared to HKD 9,866,398 in 2023, marking a significant increase[114]. - The total win from main gaming tables at MGM Cotai was HKD 16,445,828 in 2024, up from HKD 11,544,706 in 2023, showcasing robust growth[115]. Strategic Initiatives - MGM China Holdings Limited plans to continue expanding its operations following the easing of COVID-19 travel restrictions, which has positively impacted its financial performance[4]. - The company plans to continue expanding its operations in Macau, focusing on enhancing customer experience and service offerings[18]. - The company is focusing on developing new gaming technologies to enhance customer experience and operational efficiency[192]. - The company is actively identifying investment opportunities in innovative gaming and non-gaming facilities to diversify its service offerings[84]. - The company has expanded its international sales network to cities such as Kuala Lumpur, Manila, Seoul, and Osaka since 2023, aiming to further develop the international customer market[85]. Market and Industry Trends - The total number of inbound visitors to Macau increased by 23.8% compared to 2023, while the number of visitors from mainland China rose by 28.6%[88]. - Macau's gross gaming revenue for the year ending December 31, 2024, increased by 23.9% to HKD 220.2 billion compared to 2023[88]. - The company's overall market share in Macau's gaming sector reached 15.8% for the year ending December 31, 2024, up from 15.2% in 2023 and significantly higher than 9.5% before the COVID-19 pandemic[91]. - The company maintains an optimistic long-term growth outlook for the Macau market, supported by infrastructure improvements and increased travel demand from mainland China[89]. Compliance and Governance - The company has complied with all provisions of the corporate governance code as of December 31, 2024[181]. - The audit committee has reviewed the annual performance for the year ending December 31, 2024[184]. - The company has received approval for a tax exemption on profits generated from gaming operations in Macau for the period from January 1, 2023, to December 31, 2027[24]. Future Outlook - The company anticipates a positive outlook for the gaming industry in Macau, driven by increased tourism and consumer spending[192]. - The company is committed to enhancing customer experience through operational efficiency and quality service, focusing on the economic benefits of its properties in Macau[83]. - The company plans to launch the new Poly MGM Museum and the first resident show "Macau 2049" in 2024, enhancing its non-gaming product offerings[85].