MGM China has shared its financial results for the first quarter of the year, reporting a fall in revenue to HKD2.09bn.
Macau.- MGM China has reported HKD2.09bn in total revenue for the first quarter of the year. The figure was down 8.9 per cent when compared to last year and down 14.6 per cent quarter-on-quarter. Earnings before interest, taxation, depreciation and amortisation (EBITDA) were down 45.8 per cent year-on-year from HKD84.4m to HKD45.7m (US$5.8m).
The MGM Macau casino resort achieved an adjusted EBITDA of HKD153.2m, down by 9.8 per cent when compared to 2021 but up 60.5 per cent sequentially. MGM Cotai reported negative adjusted EBITDA of HKD107.5m compared to a negative adjusted EBITDA of HKD85.6m in the first quarter of 2021.
The company noted that financial results were affected by entry restrictions in Macau due to the Covid-19 pandemic.
Mass-market table games drop at MGM Macau was HKD5.19bn in the first quarter, up 11 per cent year-on-year while VIP table gaming revenue fell 65.9 per cent year-on-year to HKD3.55bn. At MGM Cotai, the mass market drop was HKD3.37bn, down 1.6 per cent year-on-year. Its VIP table gaming revenue fell 50.5 per cent year-on-year to HKD4bn
Kenneth Feng, president, strategic and chief financial officer of MGM China said: “We will continue to work with the government on ‘retendering’ as Macau is an important part of our future. We look forward to further promoting the long-term development of Macau’s gaming industry and supporting the government’s tourism and diversification goals for the region.”
MGM-Orix could start working on the development of Osaka’s IR in late 2023
After Osaka submitted its IR District Development Plan to Japan’s central government, Bill Hornbuckle, MGM Resorts International’s chief executive and president, has said he expects to start working on the development of the IR in late 2023 if the project is finally approved.
The MGM-Orix consortium has proposed to invest JPY1tn (US$9.1bn) in the planned IR. The proposed site is an artificial island: Dream Island, in Osaka Bay. The project has a target date of opening in 2029.