MGM China expects summer holiday period to boost revenue
MGM China is confident the summer holiday period will boost revenue in Macau.
Macau.- MGM China is looking forward to the summer holiday period after a good Labour Day break performance, with the group’s hotel occupancy back to pre-pandemic levels.
Kenneth Xiaofeng, MGM President and Chief Financial Officer, said: “We have high expectations for a strong Summer holiday period as shown by the past holiday.
“Macau remains the safest and most convenient destination market outside mainland China.”
The company said it expects the summer holiday period to be a turning point for local gaming and tourism industry.
During the Labour Day break, 165,500 tourists came to Macau, the first day seeing the highest daily volume of visitors since the start of the Covid-19 pandemic, with 44,000 arrivals.
Numbers were a long way from 2019 levels, when Macau registered 531,000 visitors arrivals during what was a four-day break in 2019 (this year the Labour Day break was extended).
MGM China said it was confident results would continue to improve after gross gaming revenue (GGR) for the first quarter of the year recovered to nearly 40 per cent of pre-pandemic levels.
For the first quarter of the year, MGM China reported an 8.8 per cent rise in revenue year-on-year, although revenue was down 2.6 per cent compared to the previous quarter.
According to the financial report, revenue for the period was HKD2.30bn (US$296.4m), supported by growth in the mass-market segment.
MGM China also reported a second consecutive quarter of positive EBITDA at HK$84.3m (US$10.8m). However, EBITDA was down 88 per cent when compared to the previous quarter.
MGM China has recently hosted vaccination services on-site. According to health authorities, 90,267 people in Macau have been vaccinated with at least one dose of a Covid-19 vaccine. That’s nearly 13 per cent of Macau’s population.
Dr Leong Iek Hou, Novel Coronavirus Response and Coordination Centre coordinator, said vaccinated residents will be allowed to go to public events such as concerts, sports competitions and festivals without a negative nucleic acid test.
