MGM China revenue up 8.8% in Q1

MGM China has reported that revenue for the first quarter of 2021 reached HKD2.30bn (US$296.4m), with EBITDA of HK$84.3m (US$10.8m).

Macau.- MGM China has published its financial results for the first quarter of the year, reporting an 8.8 per cent rise in revenue year-on-year, although revenue was down 2.6 per cent compared to the previous quarter.

According to the financial report, total revenue for the period was HKD2.30bn (US$296.4m), supported by growth in the mass-market segment.

MGM China also reported a second consecutive quarter of positive EBITDA at HK$84.3m (US$10.8m). However, EBITDA was down 88 per cent when compared to the previous quarter.

MGM Macau recorded an occupancy rate of 81 per cent and revenue of HK$1.3bn, while MGM Cotai reached an occupancy rate of 47 per cent and reported revenue of HK$981m.

Mass market games revenue at MGM Macau dropped 36.9 per cent year-on-year to HKD4.67bn. MGM Cotai mass market games grew to HKD3.43bn, up 30.4 per cent.

As for VIP table games, MGM China reported a turnover fall of 30.7 per cent year-on-year to HKD18.41bn while VIP revenue was down 28.4 per cent when compared to the first quarter of 2020. 

MGM China said it was confident results would continue to improve as gross gaming revenue (GGR) for the first quarter of the year recovered to nearly 40 per cent of pre-pandemic levels.

MGM China is also optimistic as occupancy rates for the Labour Day break are look to be increasing.

Hubert Wang, MGM’s President and CFO, stated: “MGM China is confident in Macau’s longer-term growth prospects and will continue to invest in strengthening our market position.”