MGM China net revenue up 84% in 2021

MGM China has revealed its financial results for the year 2021, reporting a growth in net revenues of HKD9.41bn (US$1.2bn).

Macau.- MGM China has reported HKD9.41bn (US$1.2bn) in net revenues for 2021. That represents an increase of 84 per cent compared to the prior year but a decrease of 58 per cent when compared to 2019.

The casino operator reported a positive adjusted property performance of US$389.8m, an improvement from a US$1.3bn property loss the previous year. Despite the improvement, that’s still 97 per cent lower than pre-pandemic levels.

MGM China noted that financial results were affected by travel and entry restrictions in Macau due to the Covid-19 pandemic. However, it noted that despite the ongoing impact, Macau continued to recover gradually, with visits up 31 per cent to 7.7 million and gross gaming revenue up 4.4 per cent year-on-year to MOP87bn.

MGM’s net income in the fourth quarter edged up 3 per cent when compared to the previous. MGM China’s market share in the SAR gaming industry in 2021 was 12.5 per cent.

Kenneth Feng, president, strategic and chief financial officer of MGM China said: “We remain cautiously optimistic towards a market recovery. We are going to see not just repeat customers, but new faces especially in the premium mass segment. We understand what our customers want and MGM China is well-positioned for the market’s eventual rebound.”