MGM China has revealed its financial results for the third quarter of the year, reporting a decrease in net revenues from US$311m to US$289m.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0MGM China<\/a>\u00a0has shared its financial results for the third quarter of the year, reporting\u00a0a decline in net revenue to US$289m<\/strong>, down 7 per cent when compared to the prior quarter. Adjusted EBITDA fell by 13 per cent to US$100.5m, mainly due to\u00a0local Covid-19 cases<\/a>\u00a0at the beginning of October.<\/p>\n\n\n\n VIP table games turnover<\/strong>\u00a0was down 1.3 per cent from US$71m to US$72m when compared to the previous quarter, while\u00a0main floor table game<\/strong> revenue\u00a0declined from US$1.3bn to US$222m, down 12 per cent quarter-on-quarter.\u00a0<\/p>\n\n\n\n MGM China’s gaming market share increased to 13.8 per cent. Its daily GGR was at 38 per cent of pre-pandemic levels. The company reported that hotel occupancy was 71.3 per cent, down from 85.9 per cent in the previous quarter. MGM Cotai reported a slight decline in revenue<\/strong>\u00a0from HK$1.07bn to HK$1.03bn and negative adjusted EBITDA of HK$26.3m.<\/p>\n\n\n\n Kenneth Feng, president, strategic and chief financial officer of MGM China\u00a0<\/strong>said: “The group believes the pace of Macau\u2019s recovery will continue to hinge on broader sentiment as well as the pace of vaccination rollouts throughout the region, which will ultimately lead to a sustainable easing of travel restrictions.”<\/p>\n","protected":false},"excerpt":{"rendered":" MGM China has revealed its financial results for the third quarter of the year, reporting a decrease in net revenues from US$311m to US$289m.<\/p>\n","protected":false},"author":176,"featured_media":17575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MGM China reported a 7% quarter-on-quarter decline in net revenues to US$289m for Q3, with Adjusted EBITDA falling 13% to US$100.5m, primarily due to local Covid-19 cases. Despite reduced VIP and main floor table game revenues, the company increased its gaming market share to 13.8%, though daily GGR remained at 38% of pre-pandemic levels. Management anticipates the pace of Macau's recovery will hinge on regional vaccination rates and the easing of travel restrictions.","focusai_entities":"MGM China, Kenneth Feng, MGM Cotai","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Recovery Timeline?","query":"What specific metrics and policy changes are MGM China monitoring to project a sustainable easing of travel restrictions and a full market recovery in Macau?"},{"label":"Market Share Drivers?","query":"Given the overall revenue decline, what specific operational or marketing strategies contributed to MGM China's increase in gaming market share to 13.8%?"}],"footnotes":""},"categories":[16338,163],"tags":[23906,1618],"class_list":["post-24207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-macau-casinos","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=24207"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24207\/revisions"}],"predecessor-version":[{"id":24219,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24207\/revisions\/24219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17575"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=24207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=24207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=24207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}