Gaming | MGM China announces 5pct revenue growth

MGM China Holdings yesterday announced its selected, unaudited financial data for the three months ending September 30, during which time it recorded a total revenue of HKD3,679 million, an increase of 5 percent from the second quarter of this year. For the same period, Adjusted EBITDA grew 3 percent quarter-to-quarter to HKD1,049 million.

According to a statement from the company, the group “saw sequential improvement in all gaming segments,” with about 80 percent of its profit generated by the main floor. Main floor table games win increased by 2 percent, while slot win grew 14 percent and VIP win increased by 9 percent.

The MGM Macau property saw market share improve each month within the third quarter, which the company says it regards as “a reflection of stability and resilience in the Peninsula market which attracts quality players.”

It said it would continue to invest in the main floor at MGM Macau, adding additional retail space in the future to create diversified tourism options for guests.

The company reaffirmed its planned January 29, 2018 opening date for its second property, MGM Cotai, which has been delayed on several occasions.

It said that the new property, MGM China’s second in the MSAR, will “redefine the way people experience art and entertainment,” through housing a collection of more than 300 pieces of contemporary art “with the themes of bridging East and West, tradition and technology.”

Grant Bowie, chief executive officer and executive director of MGM China said that he remains confident in Macau’s long-term prospects.

“We will continue contributing to [Macau’s] evolution into a World Center of Tourism and Leisure with the opening of our second integrated resort, MGM Cotai, in January next year. We look forward to expanding our presence and capturing the growth opportunities in this dynamic market,” he said, according to the statement.