MGM China presented its third quarter results on a report released on Thursday, showing positive results and continued growth of MGM Cotai.
Hong Kong.- MGM China Holdings Limited announced today their official report of financial data of the Company for the third quarter of 2019.
During the third quarter, MGM China saw adjusted EBITDA up 39% year-on-year to approximately €172 million. With a total revenue grew by 22% to approximately €665,2 million. With an overall occupancy reached 93.7% when comparing to 92.0% last year.
MGM China’s GGR was up by 25% and gained market share to approximately 9.9% in the third quarter from 7.9% last year.
The overall results for the Group during this period came mainly from: main floor table games win increased 47% year-on-year to approximately €447,3 million; slot win was up 3% to €65,6 million; and VIP table games win was up 4% to €286,7 million.
Furthermore, its subsidiary, MGM Cotai also continues to grow. With approximately 1 year and 9 months of operations (opened in February 2018), it recorded growth across all business segments.
Adjusted EBITDA was up 433% to €79,5 million; their main floor table games win was up 84% year-on-year to approximately €217,9 million; slot win was up 56% to €31,7 million; and VIP table games win was up 1723% to approximately €137,7 million.
MGM China, CEO and Executive Director, Grant Bowie said they are hopeful and “encouraged to see profit at MGM Cotai reaching new high. MGM Cotai continues to ramp-up with solid sequential growth amid market uncertainties.”
He continued highlighting their commitment to “embrace the growth opportunities in the market while constantly evaluate our strategies, gaming as well as non-gaming offerings to offer unique MGM experiences, supporting our government’s vision to develop Macau as the World Center of Tourism and Leisure.”