Gaming | MGM China quarterly revenue drops

In the three months ended September 30, MGM China reported a total revenue of HKD4.1 billion and an adjusted Earnings Before Interest, Taxation, Depreciation and Amortization (EBITDA) of HK$1.1 billion, signaling a sequential decrease of 5pct and 3pct respectively from the second quarter.
According to a press release issued yesterday by the gaming operator, revenue accumulated from VIP table games was flat quarter on quarter. The number of main floor table wins was down 10 percent sequentially, while mass hold was at the low end of the range in the third quarter. During the latest period, the main floor contributed over 70 percent of profit.
Regarding the MGM Cotai project, which is currently under construction, the gaming operator stated that it has achieved “a milestone event” of topping off the hotel towers, an event that will be celebrated in the coming week.
“We have completed the structural steel installation on our Spectacle roof structure. Featuring approximately 1,500 hotel rooms and up to 500 gaming tables with over 85pct gross floor area of non-gaming elements, MGM Cotai remains on target for fourth quarter 2016 opening,” MGM China stated.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said:  “Our goal is to provide our local talents with  the opportunity to be future leaders as we look to support Macau’s development into an international tourism destination. MGM is committed to grow our presence in Macau and share these opportunities with our community.”