Tag Archives: MGM China
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…
China – MGM China falls 63 per cent in first quarter
The COVID-19 casino closures in Macau forced a 63 per cent dip in revenues on operator MGM China Holdings with the company’s MGM Cotai and MGM Macau reporting net revenues of US$272m for the three months to March 31 2020. In the first quarter, MGM China saw an adjusted negative EBITDA of HK$0.1bn with overall…
China – MGM China draws on extra credit as revenues fall by 63 per cent
MGM China saw its first quarter revenue fall by 63 per cent year-on-year to US$272m (MOP2.1bn). The company said said its Macau casinos were incurring cash operating expenses, exclusive of rent, interest, variable gaming taxes, corporate expense and expected capital expenditures, of around US$1.5m per day. The operator stated: “We compete with a large number…
