Operator News
China – MGM China showing steady growth after Cotai opening
By Phil - 3 August 2018
The opening of MGM Cotai in February has helped MGM China record total revenue of HK$9.1bn during the first half of the year, an increase of 30 per cent year-on-year. Adjusted EBITDA was HK$2.3bn, compared with $2.2bn a year ago.
Main floor table games win for the group during the six-month period increased 31 per cent year-on-year to HK$5.2bn and slot win increased 65 per cent to HK$1.1bn. VIP table games win was up 11 per cent to HK$4.5bn.
MGM Macau saw main floor table games win down eight per cent to HK$3.7bn whilst slot win increased by 16 per cent to HK$759m. VIP table games win grew by seven per cent to HK$4.3bn on hold of 2.8 per cent.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We opened the doors of MGM Cotai in February showcasing MGM’s one-of-a-kind entertainment experiences. MGM Cotai is a HK$27bn integrated resort that leverages innovation and artistry, allowing our guests to create extraordinary moments during their stay and supporting the development of Macau as a global tourism destination. We are excited to see a growth of our customer database and the ramping up of MGM Cotai. We focus on investing in our properties, and offering unique MGM experiences for our customers. We continue to support our government’s vision to drive global tourism demand in Macau.”
“Since the February opening, we are getting the volume and seeing the momentum at MGM Cotai. We believe the launch of the theatre show “Destiny” and opening of new facilities later this year will further ramp up the business,” he added.
For the six-month period, MGM Cotai recorded a property EBITDA of approximately $261m. Hotel room occupancy was 88.6 per cent. For the second quarter, MGM Cotai mass table games win per day was up 12 per cent from the first quarter; while slot win per day had sequential growth of 27 per cent Food & Beverage daily covers had a nine per cent quarter-and-quarter increase. Junket rooms are expected to commence operation before Golden Week this year, followed by the opening of the Mansion, our high-end villa, as well as President’s Club, an ultimate exclusive gaming area for our premium mass customers.
