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China – MGM confirms commitment to Macau and sees 2021 as a year of growth

By - 15 April 2021

Despite the effects of the downturn in travel due to the pandemic and the promise of huge investment in Japan, MGM China has confirmed it is committed to Macau and will spend more money on its existing properties there to help boost both venues’ return to growth.

Commenting on MGM China’s 2020 Annual Report, MGM China Chairman Bill Hornbuckle said: “In 2020 the world was hit with unprecedented challenges due to the COVID-19 pandemic. Macau experienced its lowest visitation in decades as a result of travel restrictions and quarantine measures. Total visitation in 2020 was 5.9 million, compared to 39.4m in 2019. Hotel occupancy in Macau dropped to below 29 per cent from almost 91 per cent a year ago. The Macau gross gaming revenue declined by 79% to the lowest level in 14 years.

“The people of Macau showed resilience and unity dealing with the pandemic and its impact under the strong leadership of the Chief Executive and the Macau Government. Meanwhile, the employees of MGM China demonstrated great determination. Macau is our home. We are committed to further growth in the region and will continue to invest in our employees, our communities and Macau itself. We see 2021 as a year of growth and further success, and we look forward to continuing our work with the Macau Government and our community partners to help the region flourish and emerge stronger than ever.”

The fourth quarter of 2020 saw EBITDA at both MGM Macau and MGM Cotai return to a positive with group-wide Adjusted EBITDA of HK$367.2m (US$47.4m) for the quarter.

“We expect that the rate of recovery will continue, driven by the premium mass market visitors whom MGM Macau and MGM Cotai are well-positioned to serve,” Mr. Hornbuckle added.

Casino revenue decreased year-over-year by 78.5 per cent to HK$4,384.1 million in 2020. The decrease was primarily due to the impact of the COVID-19 related
closures and restrictions on travel and capacity at MGM’s Macau facilities which affected all components of its operations. VIP gross table games win decreased year-over-year by 83 per cent to HK$1,648.5m in 2020. Similarly, VIP table games turnover in MGM Macau and MGM Cotai decreased by 82.6% to HK$32,225.5 million and 80.4 per cent to HK$22,181.6m during the current year, respectively.

Main floor gross table games win decreased year-over-year by 75.7 per cent to HK$3,623.4m in 2020. Slot machine gross win decreased year-over-year by 75.1 per cent to HK$560.7, in 2020.

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