MGM China 1st half revenue down 33 percent

MGM China announced yesterday the selected unaudited financial data of the company and its subsidiaries for the three-month and six-month periods ending in June. During the six-month period, MGM China recorded a total revenue of HKD9.2 billion, a decrease of 33 percent year-on-year. The adjusted EBITDA was HKD2.4 billion.
According to a statement issued by MGM, main floor table game wins dropped 19 percent and slot wins dropped 26 percent. VIP table game wins were down 46 percent. The group maintained its dividend payout of 35 percent by declaring an interim dividend of HK15.6 cents per share, a dividend return it shared with its shareholders.
Regarding the MGM Cotai project, the gaming operator said it is on target to have all floors in the hotel tower completed by early November this year. The majority of the interior fit-out contracts have been awarded and MGM is looking to commence the fit-
out of the casino area this month. According to the data provided by MGM China, the Cotai resort will feature approximately 1,500 hotel rooms and up to 500 gaming tables, with over 85 percent gross floor area to be used for non-gaming elements. The project remains on target for a fourth quarter 2016 opening.