MGM China’s revenue declines y-o-y

MGM China Holdings announced yesterday in a statement the selected unaudited financial data of the group for the first quarter of 2016, ending March 31. During the first quarter, MGM China recorded total revenue of HKD3.6 billion, a decrease of about 25 percent from a year ago.
The fall nevertheless represented an improvement from the 31 percent year-on-year decline noted in the final quarter of 2015.
Adjusted EBITDA was HKD995 million, down by 23 percent from a year ago, which the company accredits to low hold in both mass table games and in-house VIP operations.
In monitoring the gaming market in Macau, MGM China says that it is confident that the city is seeing sings of stabilization. The company’s market share in the mass segment has been largely stable while their mass table games theoretical win in Q1 2016 was the highest that they have recorded in the past five quarters.
The statement also noted the continuation of construction at MGM Cotai and that the company expects it will be mostly completed by the end of the year.
“We are excited to finally see our new resort becoming a reality,” said  the gaming operator’s CEO and executive director, Grant Bowie. “MGM Cotai is a first of its kind integrated resort with never-been-seen-before technology and entertainment offerings and we believe it will be very well received by the market.”