MGM China has shared its financial results for the first quarter of the year, reporting a fall in revenue to HKD2.09bn.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0MGM China\u00a0has 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).<\/p>\n\n\n\n
The MGM Macau <\/strong>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 <\/strong>reported negative adjusted EBITDA of HKD107.5m compared to a negative adjusted EBITDA of HKD85.6m in the first quarter of 2021.<\/p>\n\n\n\n The company noted that\u00a0financial results were affected by entry restrictions in Macau<\/strong>\u00a0due to the Covid-19 pandemic.\u00a0\u00a0<\/p>\n\n\n\n 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.\u00a0At 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<\/p>\n\n\n\n Kenneth Feng<\/strong>, president, strategic and chief financial officer of MGM China said: \u201cWe will continue to work with the government on \u2018retendering\u2019 as Macau is an important part of our future. We look forward to further promoting the long-term development of Macau\u2019s gaming industry and supporting the government\u2019s tourism and diversification goals for the region.\u201d<\/p>\n\n\n\nMGM-Orix could start working on the development of Osaka’s IR in late 2023 <\/h2>\n\n\n\n