MGM’s casino resorts in Macau returned to positive EBITDA in the last quarter of 2020.
Macau.- MGM’s two casino resorts in Macau, MGM Macau and MGM Cotai, reported adjusted EBITDA of HK$367.2m (US$47.4m) for Q4 2020 after three quarters of losses.
The company reported that it turned to profit thanks to strong gains in market share and continued cost mitigation efforts.
Hotel occupancy stood at 57.3 per cent in the fourth quarter, while revenue grew by 550 per cent quarter-on-quarter to approximately HKD2.36bn (US$304.4m).
The quarterly rise in revenue was supported by an increase in gaming revenue in the mass-market gaming segment, but numbers remain down 58.5 per cent against Q4 2019.
MGM China said business had been picking up since October Golden Week.
Authorities in Macau have said they expect the city to receive between 6 and 10 million tourists this year.