MGM net revenues decline

MGM China Holdings’ net revenues reached approximately HKD6.2 billion in this year’s third quarter, representing a two percent decrease compared to last year, when the company’s net revenues accounted for HKD6.3 billion. The gaming operator revealed in a press release that its market share remained at approximately 10 percent.
The group said it recorded another solid quarter for their main floor table game business. Table win was up 34 percent year-on-year. However, VIP turnover decreased by 19 percent year-
on-year, “consistent with the market trend,” it said. Slots handle increased by five percent, whereas slot revenues decreased by seven percent year-on-year due to lower hold. “As of the quarter end we had half of our tables allocated to the main floor which drove approximately 75% of our profit,” the operator said.
Furthermore, it said that the operator’s adjusted EBITDA was up 14 percent year-on-year reaching HKD1.8 billion.
Hotel rooms at MGM Macau reached an occupancy rate of 98.8 percent in the third quarter. It added that the revenue per available room increased 11 percent to HKD2,254.
MGM China’s CEO Grant Bowie said in a statement that the company is focused in upgrading product offering and expanding its costumer base. Those, according to him, “will be the keys to maintain our position in this competitive market while we are preparing for the opening of MGM Cotai.”

Controlling shareholder reports unexpected loss

MGM Resorts International reported a third-quarter loss as casino revenue declined in the U.S. MGM, the largest owner of casinos on the Las Vegas Strip, said its net loss shrank to USD20.2 million, or 4 cents a share, from $22.3 million, or 5 cents a year earlier. Excluding one- time items, the loss was 2 cents a share.