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Tag Archives: MGM China

China – MGM narrows loss in Macau as revenues double year-on-year

MGM China said that ‘Macau continued to see a choppy business environment during the [first half of the year] under the COVID-19 pandemic’ but that MGM China recorded total revenue of approximately HK$4.7bn, nearly double from HK$2.4bn same period a year ago. For the first half of 2021, the Group recorded adjusted EBITDA of approximately…

China – MGM says Macau recovery will be driven by premium mass market

MGM China saw its first-quarter market-wide gross gaming revenue (GGR) fall by 22 per cent year-over-year, narrowed from a 70 per cent year-on-year decline in the previous quarter. While market-wide GGR in the first quarter improved sequentially by eight per cent compared to the fourth quarter, Macau’s business volumes remained well below pre-COVID levels. It…

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

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 – MGM China’s revenues down by 78 per cent over 2020

With Macau still under the ‘severe impact of the COVID-19 pandemic,’ MGM China saw revenue down by 78 per cent for the year to approximately HK$5.1bn. The Group had a negative adjusted EBITDA of approximately HK$1.4bn. Total visitation to Macau in 2020 was 5.9m, compared to 39.4m in 2019. Overall hotel occupancy in Macau was…

China – MGM China has ‘no plans of restructuring’ in Macau

MGM Resorts has signalled its ‘commitment’ to Macau following a request from its biggest shareholder to sell 20 per cent of MGM China’s shares, but has stated it has no intention of selling shares to meet demands to diversify. MGM stated: “The board of directors of the company is aware of an open letter issued…

China – MGM China sees a 42 per cent rise in Macau from quarter to quarter

With the Macau gaming market still under the severe impact of COVID-19 pandemic in the third quarter of the year, MGM China continued to experience low visitation levels primarily driven by various travel restrictions and quarantine measures for the three months and nine months ended September 30, 2020. During the third quarter of the year,…

China – Fitch predicts 19 per cent revenue fall for MGM in Q4

Fitch ratings agency has given MGM China and MGM International’s US$750m public offering a negative outlook, reflecting the ‘risks and uncertainty the global gaming industry is facing from the pandemic,’ adding that it believes revenues at MGM’s Macau casinos will be 19 per cent down year-on-year. MGM intends to use the net proceeds from the…

China – MGM ‘encouraged to see lifting of quarantine measures’ as first half revenues fall 77 per cent

During the first half of the year, MGM China recorded total revenue of approximately HK$2.4bn. The group saw a negative adjusted EBITDA of approximately HK$1bn. Overall occupancy rate was 19.8 per cent. The results were severely impacted by the COVID-19 pandemic with MGM saying it continues to be impacted today. China has implemented temporary suspension…

China – MGM China secures US$302m of revolving credit

MGM China has agreed to new finance deals with with its lenders giving it a revolving credit facility of US$302m with an option to increase to US$503m on certain conditions. MGM said: “On May 26, 2020, the Company entered into agreements with certain lenders pursuant to which the lenders agreed to make available to the…