MGM China saw its revenues increase by 38 per cent year-on-year for the three months ended September 30, 2018, due to the inclusion of results from MGM Cotai.
The quarter saw MGM China record total revenue of HK$4.8bn, an. Adjusted EBITDA was approximately HK$1.1bn, compared with HK$1bn a year ago.
MGM’s Cotai casino continued to ramp since the property opened in February. All gaming segments recorded sequential growth in volume albeit all at lower hold. During the Period, junket operation at MGM Cotai has officially commenced with two VIP rooms opened in September. The rooms were well received and we look forward to further expanding our presence in this segment.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We are focusing on further ramping up on Cotai. President’s Club, an exclusive premium mass gaming area, is expected to launch later this year. We are also very excited about the launch of Mansion villas in early 2019 which aims to provide one-of-the-kind offerings for our high-quality customers.”
Main floor table games drop was up 46 per cent to approximately HK$14.8bn while table games win increased 43 per cent to approximately HK$2.7bn from a year ago. Slot handle increased 96 per cent to approximately HK$15.2bn while slot win was up 54 per cent to approximately HK$555.9m.
VIP table games turnover was up 15 per cent against last year to approximately HK$73.9bn, and win rose 11 per cent to approximately HK$2.4bn.
MGM Macau recorded sequentially growth across all gaming segments. Main floor table games win was up three per cent slot win increased by two per cent and VIP table games win grew by 33 per cent from the previous quarter. Occupancy rate of hotel rooms reached 96.3 per cent.
For the Period, MGM Cotai recorded an adjusted property EBITDA of approximately HK$130m. Hotel room occupancy grew to 90.1 per cent.
Mr. Bowie added: “Earlier this month we celebrated the launch of Hong Kong-Zhuhai-Macau Bridge. The infrastructure projects will allow people to move more freely, easily and quickly in the region. We believe the connectivity together with the integration of Greater Bay Area are significant for Macau to develop as a global tourism city.
“At MGM, we are excited to see a substantial growth of customer database since we opened the second integrated resort in Macau. We look forward to maximize the opportunities to drive profitability and efficiency. We will continue to focus on investing in our properties, and offering unique MGM experiences for our customers.”