MGM China records negative adjusted EBITDA of US$68.2m for Q3

Casino revenue was down 37.5 per cent when compared with the previous quarter.

11/03/22

MGM China reported a casino revenue of US$70m between July and September, down 72 per cent year-on-year.

Macau.- MGM China has recorded revenue of approximately HK$687m (US$87m) for the third quarter of the year, down 37.5 per cent when compared with HK$1.1bn in the previous quarter. The figure was also down 69 per cent year-on-year from HK$2.25bn.

The casino operator reported a negative adjusted EBITDA of approximately HK$536m (US$68.2m), compared to a second-quarter loss of HK$382m. Occupancy was 21 per cent in the third quarter, compared to 25.6 per cent in the second.

Revenue for the casino division fell by 72 per cent year-on-year from US$252m to US$70m. As of September 30, 2022, the group had total liquidity of approximately HK$9.9bn, comprising cash and cash equivalent and an undrawn revolver.

Kenneth Feng, president, strategic and chief financial officer of MGM China said: “We aim to support the Macau government in achieving its diversification goals and will continue to invest in innovative projects and programs that help the region flourish.

“We expect the travel relaxation measures will drive a gradual recovery in visitation. We look forwards to participating in the future development of Macau.”

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