MGM China net revenue down 7% in Q3

MGM China has revealed its financial results for the third quarter of the year, reporting a decrease in net revenues from US$311m to US$289m.

Macau.- MGM China has shared its financial results for the third quarter of the year, reporting a decline in net revenue to US$289m, down 7 per cent when compared to the prior quarter. Adjusted EBITDA fell by 13 per cent to US$100.5m, mainly due to local Covid-19 cases at the beginning of October.

VIP table games turnover was down 1.3 per cent from US$71m to US$72m when compared to the previous quarter, while main floor table game revenue declined from US$1.3bn to US$222m, down 12 per cent quarter-on-quarter. 

MGM China’s gaming market share increased to 13.8 per cent. Its daily GGR was at 38 per cent of pre-pandemic levels. The company reported that hotel occupancy was 71.3 per cent, down from 85.9 per cent in the previous quarter. MGM Cotai reported a slight decline in revenue from HK$1.07bn to HK$1.03bn and negative adjusted EBITDA of HK$26.3m.

Kenneth Feng, president, strategic and chief financial officer of MGM China said: “The group believes the pace of Macau’s recovery will continue to hinge on broader sentiment as well as the pace of vaccination rollouts throughout the region, which will ultimately lead to a sustainable easing of travel restrictions.”