MGM China has shared its financial results for the second quarter of the year, reporting an increase in net revenues to US$311m.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0MGM China<\/strong>\u00a0has published its financial results for the second quarter of the year, reporting\u00a0a rise in net revenue to US$311m<\/strong>, up 836 per cent when compared to the prior-year quarter but down 56 per cent compared to the second quarter of 2019.<\/p>\n\n\n\n VIP Table Games turnover was up 9 per cent\u00a0<\/strong>while table games win grew from US$12m to US$71m when compared to the prior-year quarter. Main floor table games revenue was up 20 per cent\u00a0<\/strong>to US$1.3bn.<\/p>\n\n\n\n In the first quarter,\u00a0MGM China<\/a>\u00a0reported\u00a0revenue of HKD2.30bn (US$296.4m)<\/strong>, supported by growth in the mass-market segment.<\/p>\n\n\n\n Bill Hornbuckle, MGM CEO, said Macau’s GGR<\/a>\u00a0dropped during the second quarter due to a rise in Covid-19 cases in Guangdong although he noted revenue started to\u00a0improve again in July<\/a>.<\/p>\n\n\n\n In May,\u00a0Kenneth Xiaofeng<\/strong>,\u00a0MGM President and Chief Financial Officer<\/a>, said: \u201cWe have high expectations for a\u00a0strong Summer holiday period as shown by the past holiday<\/strong>. Macau remains the\u00a0safest and most convenient destination market\u00a0<\/strong>outside mainland China.\u201d<\/p>\n\n\n\n The company said it expects the summer holiday period to be\u00a0a turning point for local gaming<\/strong>\u00a0and tourism industry.<\/p>\n\n\n\n Bill Hornbuckle<\/strong>\u00a0said he expects MGM-Orix IR<\/a> to be named chosen operator for Osaka’s IR bid \u201cearly this fall.\u201d<\/p>\n\n\n\nMGM remains confident about IR development in Osaka <\/strong><\/h2>\n\n\n\n