MGM China revenue falls 33 pct

A lion statue stands outside the MGM Macau casino resort

The total revenue of  MGM China Holdings for the first quarter fell by 33 percent year-on-year to HKD4.9 billion, the company announced in a press release.
The number of VIP table wins decreased by 45 percent, while slot wins decreased by 33 percent year-on-year. The main floor revenue fell 13 percent year-on-year. Despite the revenue decrease, MGM China Holdings stated that “we grew our market share in the mass market to 7.9 percent from 7.4 percent, with our focus on precision of marketing efforts, high quality offerings and best in class service standards.”
Furthermore, hotel rooms at MGM Macau achieved an occupancy rate of 98 percent.
MGM explained that the construction of MGM Cotai is well underway and is scheduled to open during the fourth quarter of 2016.
The CEO and executive director of MGM China, Grant Bowie, said that, “we are thrilled with the development progress of MGM Cotai. With a clear goal of diversification in mind, we have taken numerous steps to complete our designs with a major focus on non-gaming amenities.”
Mr Bowie added that, “our objective in bringing diversification to Macau is undeniable and it is clear that our high standards carry through in the quality of the non-gaming amenities we will offer at our second resort in Macau.”