MGM China revenue climbs in Q2
Adjusted EBITDA surpassed 2019 pre-Covid levels by 172 per cent.
Macau.- MGM China has shared its financial results for the second quarter of the year. Net revenue of HK$8.7bn (US$1.11bn) was up 8.75 per cent due primarily to an increase in casino revenue from main floor table games.
The casino operator posted its highest quarterly adjusted EBITDA of HK$2.5bn (US$319m), up 6.1 per cent from the previous quarter and 4.2 per cent year-on-year. Adjusted EBITDA surpassed 2019 pre-Covid levels by 172 per cent.
MGM Cotai posted a 12 per cent year-on-year increase in revenue to HK$5.28bn (US$672.6m), while adjusted EBITDA rose 5 per cent to HK$1.46bn (US$186m). Meanwhile, MGM Macau saw revenue grow 4 per cent year-on-year to HK$3.38bn (US$431m), though adjusted EBITDA dipped less than 1 per cent to HK$975.7m (US$124.3m).
Visitation to the properties grew by 12 per cent year-on-year, reaching 175 per cent of Q2 2019 levels. Average occupancy was 94.5 per cent.
Kenneth Feng, president and executive director of MGM China, said: “We are delighted to see another quarter of growth driven by our deep understanding and customers and our ability to refresh our products and offerings to cater to customers’ taste.
“Following the launch of Alpha Villas, MGM COTAI has begun converting rooms into around 60 new suites, all of which will help us further uphold our complimentary positioning of the properties with MGM MACAU as a leading property on the Peninsula and MGM COTAI as the preferred destination for premium customers.”
Feng concluded: “We are committed to bringing more unique and quality experiences to our visitors, to align our offerings with the Macau Government’s vision to develop the city into a global and diversified tourist destination.”
