Macau casinos: MGM Resorts CEO Bill Hornbuckle optimistic about prospects for 2025

Hornbuckle cited recent Golden Week performance.

Macau.- MGM Resorts CEO and president Bill Hornbuckle is optimistic about the gaming sector in Macau for the coming year despite the economic uncertainty in China. During an interview with CNBC News during his visit to G2E Las Vegas, Hornbuckle said the economy in mainland China was relevant but that “Macau is still unique”. He said that was demonstrated during the recent Golden Week.

He said MGM Resorts is focusing on attracting premium mass customers – high-net-worth players who visit Macau several times a year. He said that while China seems to be less stable due to global, economic, and geopolitical events and concerns persist over interest rates and the broader economy, Macau is a much better market now than it was in 2004.

Speaking of the recent October Golden Week holiday, he said: “I think we’ve all had an amazing week. It speaks to the general economy and the activity case in Macau and we remain pretty excited by it all,” he told CNBC.

The Public Security Police has reported that 916,000 visitors arrived in Macau during the national holiday period. Average daily visitation was 138,000, surpassing the estimate of 100,000. The peak was on Friday (October 3), with 174,234 visitors. The daily average of visitors from the mainland was 118,025, up 34.7 per cent year-on-year. Hong Kong’s average daily contribution was 16,715, down 21.8 per cent compared to the previous year.

MGM China posts revenue of US$1.02bn for Q2

MGM China Holdings second-quarter net revenue was HK$7.95bn (US$1.02bn), up 37 per cent year-over-year and slightly down on the HK$8.3bn reported in the first quarter. The casino operator reported record property earnings before interest, taxes, depreciation, amortisation and restructuring (EBITDAR) of HK$2.44bn (US$312.7m), up 39.8 per cent year-over-year.

The company attributed the result to the continued ramp-up of operations after the removal of Covid-19-related travel restrictions in the first quarter of 2023. Property visitation reached 156 per cent of 2019 levels.

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