MGM China posts revenue of US$741m for Q2
The casino operator returned to a positive EBITDA of US$223.9m in the second quarter.
Macau.- MGM China Holdings has shared its financial results for the second quarter of the year. Net revenue was US$741.0m, up 4.9 per cent when compared to the second quarter of 2019 and up 20 per cent in quarter-on-quarter terms.
The casino operator reported positive adjusted EBITDA of HK$1.75bn (US$223.9m), up 19.8 per cent compared to the second quarter of 2019 and 24.1 per cent from the preceding quarter. Profit attributed to MGM China’s stakeholders reached HK$D669.63m, contrasting with a HK$1.37bn loss in the corresponding period last year. Profit was up 342.6 per cent when compared to the previous quarter.
MGM Macau’s revenue reached HK$.58bn, marking a 10.1 per cent rise in quarter-on-quarter terms. Main-floor table games at MGM Macau generated HK$11.73bn, reflecting a 26.2 per cent increase from the preceding quarter’s HK$9.29bn. VIP table games turnover grew by 13.8 per cent to HK$8.46bn.
MGM Cotai reported revenue of HK$3.23bn, up 29.3 per cent when compared to the previous quarter. The main-floor table games drop was HK$10.79bn, up 38.8 per cent quarter-on-quarter. VIP table games turnover was HK$23.99bn, up 112.9 per cent when compared to the previous quarter.
Kenneth Feng, president and executive director of MGM China said: “We are committed to helping shape the future of Macau as a global tourism destination through our concession commitments, with investment beginning this year.
“The investment will cover a wide range of opportunities, including investments in Art and Culture, entertainment, and expansion of our international customer base. I would like to thank the Macau SAR government for their continued support.”
