Operator News
China – Mass tables up by 47 per cent for MGM China
By Phil - 31 October 2019
MGM China saw adjusted EBITDA increase by 39 per cent year-on-year to approximately HK$1.5bn with main floor table games booming by 47 per cent year-on-year to approximately HK$3.9bn.
Slot win was up three per cent to approximately HK$572m. VIP table games win was up four per cent to approximately HK$2.5bn. MGM China sees approximately 86 per cent of profit from non-VIP businesses for the period.
Total revenue grew by 22 per cent year-on-year to approximately HK$5.8bn. While MGM Cotai continues to ramp and improve efficiency, adjusted EBITDA margin improved to 26.8 per cent from 23.5 per cent a year ago.
While Macau market saw third-quarter gross gaming revenue (GGR) down by four per cent year-on-year, MGM China’s GGR was up by 25 per cent from a year ago. MGM China gained market share to approximately 9.9 per cent in the third quarter from 7.9 per cent last year.
MGM Cotai continues to grow since the property opened in February 2018. It recorded growth across all business segments. Adjusted EBITDA was up 433 per cent to HK$693m from a year ago. Main floor table games win was up 84 per cent year-on-year to approximately HK$1.9bn. Slot win was up 56% to HK$276m. VIP table games win was up 1723 per cent to approximately HK$1.2bn.
All villas at The Mansion were opened before October Golden Week and have been receiving highly positive feedbacks. Our unique high-end offerings and our premium services boosted player retention and new player acquisition.
MGM COTAI has currently more authentic dining options directly on the gaming floor. They are well received by the players with prolonged gaming hours on the gaming floor.
Meanwhile, MGM Macau recorded adjusted EBITDA of approximately of HK$856m for the period. Main floor table games win up 22 per cent to approximately HK$2bn. Slot win was approximately HK$297m. VIP table games win was down by 44 per cent to approximately HK$1.3bn amid headwinds and uncertainties in the market.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We are encouraged to see profit at MGM COTAI reaching new high. MGM Cotai continues to ramp with solid sequential growth amid market uncertainties.
“We embrace the growth opportunities in the market especially in the mass segment. We constantly evaluate our strategies, gaming as well as non-gaming offerings to offer unique MGM experiences, supporting our government’s vision to develop Macau as the World Center of Tourism and Leisure.”
