Latest news with #tourism
Associated Press
3 hours ago
- Business
- Associated Press
MGM China Reports 2025 Second Quarter Results
Record High Quarterly Adjusted EBITDA Market Share Reached 16.6% HONG KONG, July 30, 2025 /PRNewswire/ -- MGM China Holdings Limited ('MGM China' or the 'Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the 'Group') for second quarter (the 'Period'). The Group is pleased to see the Period Macau has posted growth from last year. Daily visitation reached 102,812, representing a year-on-year growth of 19%, having recovered to 94% of same period in 2019. Gross gaming revenue (GGR) in Macau also saw growth. Headline daily GGR in the Period rose 8% year-on-year to MOP671.6 million per day, accelerated from MOP640.6 million per day in the first quarter. The Group has completed construction of Alpha Villas at MGM MACAU during the Period, and all 28 villas are now available as of July. The villas have been well received by customers as we adapt to their latest tastes and trends. During the Period, MGM China has proudly delivered a series of non-gaming events and excitements. Demonstrating MGM's commitment to bringing world-class cuisine to Macau, we brought together four exceptional Michelin star chefs, including Pan Sihui, Aji's Chef de Cuisine, for the third edition of MGM x RR1HK Culinary Masters Macau. The event showcased the finest gastronomic innovations, blending flavors from the East with culinary techniques of the West, not only celebrating Macau's unique cross-cultural heritage, but also cementing its status as East Asia's cultural capital. Beyond gastronomy, MGM also champions sports and cultural initiatives, having collaborated with the Macau Government to host the MGM Artistic Swimming Elite Extravaganza & Macao Open Competition 2025 in June. Featuring a grand showcase, open competition, and exclusive professional training classes, MGM continues to spotlight our elite athletes, including China's Olympic champions, the National Artistic Swimming Team. Moreover, Macau 2049, MGM's groundbreaking residency show jointly created with the internationally acclaimed Chinese filmmaker Zhang Yimou, proudly celebrated its 100th show on May 14. The show was recognized with the Sixth China Cultural Tourism Pioneer Award 2025 presented by the China Association of Amusement Parks and Attractions in May, and was awarded the 2024 Weibo Cultural Tourism IP Award in June. With approximately 30% of its audience comprising of international visitors, this show has, and will continue to amplify Macau's global appeal, further supported by our large-scale promotional campaigns in the region. Kenneth Feng, President and Executive Director of MGM China said: 'We are delighted to see another quarter of growth driven by our deep understanding and customers and our ability to refresh our products and offerings to cater to customers' taste. 'Following the launch of Alpha Villas, MGM COTAI has begun converting rooms into around 60 new suites, all of which will help us further uphold our complimentary positioning of the properties with MGM MACAU as a leading property on the Peninsula and MGM COTAI as the preferred destination for premium customers. 'We are committed to bringing more unique and quality experiences to our visitors, to align our offerings with the Macau Government's vision to develop the city into a global and diversified tourist destination,' said Kenneth Feng. About MGM China Holdings Limited MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at View original content: SOURCE MGM China
Skift
3 hours ago
- Business
- Skift
Las Vegas Sees Midmarket Tourism Soften, Weighing on MGM Resorts
Las Vegas tourism is experiencing measurable softness in 2024, and it's affecting MGM Resorts. MGM Resorts' reported a drop in Las Vegas Strip revenue in the second quarter, pointing to broader signs of visitor softness in the city — especially at value-oriented properties. The company's dozen properties on the Strip saw their net revenues fall 4% year-over-year to $2.1 billion. "All that's going on in the global economy and the U.S. economy, there is impact [at the value-oriented properties]," said CEO William Hornbuckle during an earnings call Wednesday. The company saw a "severely abnormally midweek weakness" at its budget resorts Luxor and Excalibur through July. Another problem spot was the MGM Grand, which had severe remodeling disruptions. Starting in May, after the tariff announcements and lasting for nine weeks, the company saw year-over-year declines in bookings. However, it has more recently seen an increase in bookings "in 3 of the last 4 weeks in a row." Premium travelers didn't pull back in Vegas. In the second quarter, MGM Resorts' luxury properties saw gains. At the Bellagio, average daily rates were up 4%.
CBC
6 hours ago
- Business
- CBC
Saint Andrews town council votes for Market Wharf refurbishment despite public pushback
The meeting room at the W. C. O'Neill Arena was over capacity on Tuesday night as Saint Andrews town council decided the fate of the Market Wharf refurbishment. In a six-to-one vote, the project will go out to tender, with construction to start as soon as possible. The goal is to finish before next year's tourist season. The vote came after a two-month coastal study from engineering firm Gemtec concluded the proposed infill design "has minimal impact on flow patterns" and "erosion has been mitigated in the design." The study was commissioned because some residents were concerned about environmental impacts from the proposed design. The entire process has attracted a lot of interest and feedback from the community. "We had to turn people away," said Mayor Kate Akagi. "Our bylaw enforcement officer was there to keep people from filling the room." With a line of residents crowding around the door, Akagi said it wasn't typical of most council meetings, which see one or two residents in attendance. "As we already stated before we went through with ... Gemtec, if there was little movement and influx, then we would go forward with the tendering," said Akagi. "And that's what we've done." The study cost the town $25,000. "I'm not a scientist," said Akagi. "I have to go by what they say because we paid the money." After seven years of working on the project, council argued they've had enough consultation and need to get the project started before funding runs out. Residents like Tom Sparling did not agree. After lengthy debate, Saint Andrews moves ahead with wharf revitalization 2 hours ago After almost two hours of debate, Saint Andrews town council voted 6-1 to continue with the tender process for a major wharf revitalization project. "It's never too late to do the right thing," said Sparling. "Lots of projects go through a process and don't get built." Sparling was one of many residents who participated in the initial hearings for the wharf refurbishment. He lives on Water Street, down the coast from the wharf. "It's going to be horrific in terms of what it does visually," said Sparling. "I think it's going to be a scar on the face of a very historic town." When Sparling was asked if he thinks there are any positives with moving forward with the wharf project, he simply said, "No." Resident Steve Saunders agrees. "I've been going out on the wharf since I was little," said Saunders. "This thing that the town is proposing is an eyesore for what people come to Saint Andrews to see." Saunders, who has a background in computational fluid dynamic engineering, made a peer review presentation of the study at the meeting. "What [Gemtec] was asked to do by the town was not rigorous enough from an environmental standpoint," said Saunders. "Their assessment of sediment transport was insufficient, they only took four samples." Gemtec responded to CBC News in a statement and said "adjacent landowners should not be concerned about erosion from this structure." Saunders also presented to the council back in 2023 and pointed out that infill similar to the proposed design is illegal in many states in the United States. However, he ran into a roadblock at Tuesday's meeting. "I'd like to amend the agenda," said Coun. Kurt Gumushel at Tuesday's meeting to "skip tonight's presentation and move to the business at hand." Gumushel argued that Section 21.3 of the Local Governance Act states that without two-thirds of council agreeing, they cannot have a presentation twice on the same topic. They went to a vote and allowed Saunders to present. "I think maybe they were afraid of what I had to say," said Saunders. Council will meet in August to discuss the tendering of the project.
Bloomberg
9 hours ago
- Business
- Bloomberg
Orlando Joins Florida's Stadium Boom With $420 Million Bond Sale
Orlando plans to borrow more than $420 million to renovate Camping World Stadium, joining a wave of Florida cities pouring public funds into stadium projects. The city plans to sell about $420 million of tax-exempt bonds on Thursday to modernize the open-air football stadium and expand its seating capacity. The deal will also fund a new multipurpose events center on the stadium's campus. The debt is backed by a portion of Orange County's tourism tax, with the county providing support if revenues fall short.
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Travel + Leisure
9 hours ago
- Climate
- Travel + Leisure
Heat Waves and Wildfires Disrupt Travel Across the Mediterranean With Safety Alerts, Evacuations, and Landmark Closures—What Travelers Should Know
Summer is always a hot time to visit Europe, but recently it's been too hot. Heatwaves have been sweeping through Europe this summer, with the most recent strongly affecting Greece and the southern Mediterranean. Greece is one of the most visited destinations in Europe, and the increasing heat waves from climate change are likely to continue to affect tourism there. Over the weekend, Greece's Ministry of Culture and Sports temporarily shut down the Acropolis, one of the most popular tourist attractions in Athens, "due to high temperatures for the safety of employees and visitors." And this week, the Associated Press reported wildfires broke out in Corinth in the Peloponnese region of the country, just west of Athens, forcing evacuations. Blazing hot temperatures have made it more difficult to fight the flames. Travelers with plans to be in Greece should be aware of the extremely high temperatures and take precautions to stay safe during the hottest hours of the day. This includes staying inside in the middle of the day, remaining hydrated, staying out of direct sun, and taking time to cool off in shade or air conditioned buildings. Acropolis visitors refill their water bottles in June 2025, during a heat wave in Athens, Ministry for Climate Crisis and Civil Protection said in a statement temperatures across the country over the weekend reached as high as 44 degrees Celsius (111 degrees Fahrenheit) and warned "individuals belonging to vulnerable groups to be particularly careful, in order to avoid health problems, such as heat exhaustion and heatstroke, which may be caused by the high temperatures that will prevail." The ministry added: "Special care is recommended for babies and young children, as well as the elderly and those suffering from chronic diseases to protect them from high temperatures." According to the Mayo Clinic, signs of heat exhaustion can include a fast or weak pulse, faintness, heavy sweating, and clammy skin, while heatstroke is a life-threatening condition that occurs when a person's core body temperature reaches 104 degrees Fahrenheit or higher. Anyone experiencing signs of heatstroke (including a high body temperature, changes in mental state, nausea and vomiting, a headache, racing heart rate, a change in their sweating pattern, and rapid breathing) should seek immediate medical help. Travelers to Greece can check extreme weather reports through the country's Hellenic National Meteorological Service, which posts updated forecasts to its website. The heat waves across Europe aren't new. In June, a heat wave similarly struck France, Spain, and other countries in Europe, temporarily shutting down the Eiffel Tower in Paris.
