Operator News
China- MGM outpaces Macau with 25 per cent revenue surge
By Phil - 26 July 2019
MGM China grew its revenue by 25 per cent year-on-year to approximately HK$11.3bn for the three months and six months ended June 30, 2019.
Its EBITDA increased by 33 per cent year-on-year to approximately HK$3.1bn with occupancy reaching 93.3 per cent.
While the second-quarter Macau gross gaming revenue (GGR) remained flat as last year, MGM China saw its GGR up by 26 per cent year-on-year. MGM China gained market share to approximately 9.2 per cent in the second quarter from 7.3 per cent a year ago.
During the six-month period, main floor table games win for the Group increased 36 per cent year-on-year to approximately HK$7.1bn with win percentage of 22.4 per cent. Slot win was up two per cent to approximately HK$1.1bn with 3.1 per cent hold. VIP table games win was up 11% to approximately HK$4.9bn with three per cent win percentage.
MGM COTAI continues to ramp up since the property opened in February 2018. For the six-month period, MGM COTAI recorded adjusted EBITDA of approximately HK$1bn. Main floor table games win was up 97 pet cent year-on-year to approximately HK$3.1bn. Slot win was up 54 per cent to HK$493m. VIP table games win was up 1216 per cent to approximately HK$1.8bn.
Meanwhile, MGM MACAU recorded adjusted EBITDA of approximately of HK$2bn for the six-month period. Main floor table games win was up nine per cent to approximately HK$4bn. Slot win was approximately HK$604m. VIP table games win was approximately HK$3.1bn.
For the second quarter, MGM China saw adjusted EBITDA up 41 per cent year-on-year to approximately HK$1.5bn. Total revenue grew 26 per cent to approximately HK$5.5bn. Adjusted EBITDA margin reached 26.3 per cent.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We are excited to see the ramping up of MGM COTAI. The recent opening of The Mansion offers exclusive luxury to the next level and helps us better positioned in the premium segment.
“We are also delighted and grateful to have our gaming sub-concession extended to 2022, which is a significant milestone and allows us to further commit and develop in Macau. We continue investing in our properties offering unique MGM experiences for our customers and supporting our government’s vision to develop Macau as the World Center of Tourism and Leisure.”
