MGM China posts US$311m in revenue for Q2

MGM China has shared its financial results for the second quarter of the year, reporting an increase in net revenues to US$311m.

Macau.- MGM China has published its financial results for the second quarter of the year, reporting a rise in net revenue to US$311m, up 836 per cent when compared to the prior-year quarter but down 56 per cent compared to the second quarter of 2019.

VIP Table Games turnover was up 9 per cent while table games win grew from US$12m to US$71m when compared to the prior-year quarter. Main floor table games revenue was up 20 per cent to US$1.3bn.

In the first quarter, MGM China reported revenue of HKD2.30bn (US$296.4m), supported by growth in the mass-market segment.

Bill Hornbuckle, MGM CEO, said Macau’s GGR dropped during the second quarter due to a rise in Covid-19 cases in Guangdong although he noted revenue started to improve again in July.

In May, 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.

MGM remains confident about IR development in Osaka 

Bill Hornbuckle said he expects MGM-Orix IR to be named chosen operator for Osaka’s IR bid “early this fall.”

MGM-Orix has proposed to invest JPY1tn (US$9.1bn). Authorities are expected to approve the company as a private partner for Osaka’s IR bid in September. The Osaka Prefecture is expected to submit its IR development plan to the national government in April 2022.

The Osaka Prefecture and has confirmed that the resort would not launch until at least 2028, and possibly not until 2030.