MGM China reports US$94.2m loss in Q3

The casino operator has published its latest financial report, showing a plunge in revenues by 94 per cent year-on-year.

Macau.- Casino operator MGM China has revealed EBITDAR losses for the third quarter of the year of HK$730.6m (US$94.2m).

The gaming company saw net revenues plunge by 94 per cent year-on-year to HK$363.2m, with all operations impacted by lack of visitors to Macau due to the border measures imposed because of the Covid-19 pandemic.

MGM Cotai suffered an EBITDA loss of HK$456.3m, and MGM Macau HK$274.2m.

Both the group’s VIP and mass tables gross win dropped by 95 per cent year-on-year in the three month period.

The group has taken a number of measures to preserve local jobs amid the crisis, such as a reduction of payroll expenses and the deferral of certain capital expenditures.