{"id":32347,"date":"2022-08-04T02:37:33","date_gmt":"2022-08-04T05:37:33","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32347"},"modified":"2026-04-23T06:16:14","modified_gmt":"2026-04-23T09:16:14","slug":"mgm-china-posts-ebitda-loss-of-us48-7m-for-q2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/mgm-china-posts-ebitda-loss-of-us48-7m-for-q2","title":{"rendered":"MGM China posts EBITDA loss of US$48.7m for Q2"},"content":{"rendered":"\n

MGM China has reported a negative EBITDA compared to a positive HK$45.7m in the first quarter.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0MGM China<\/strong>\u00a0has shared its financial results for the second quarter of the year, posting revenue of HK$1.12bn (US$143m)<\/strong>. That’s a drop of 46.4 per cent quarter-on-quarter and down 53.5 per cent when compared to last year.<\/p>\n\n\n\n

The company saw its adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for the second quarter of 2022 turn negative to HK$382.4m (US$48.7m). Last year Q2 EBITDA was HK$116m. In the first quarter of 2022 it was HK$45.7m.<\/p>\n\n\n\n

For the first six months of the year, MGM China posted revenue of HK$3.22bn, compared to HK$4.71bn for the same period last year. Adjusted EBITDA was a negative HK$336.7m compared to positive HK$200.35m in H1 2021.<\/p>\n\n\n\n

The company attributed the weak performance to the Covid-19 resurgence that began in mainland China in March, followed by\u00a0a local outbreak in Macau<\/a> at the end of June, which led to enhanced travel and border controls that reduced visitation.<\/p>\n\n\n\n

Due to the latest outbreak, Macau’s casinos closed for two weeks in July. GGR for July<\/a>\u00a0was down\u00a083.9 per cent\u00a0<\/strong>month-on-month from MOP2.48bn to MOP398m (US$49.2m). The figure was the lowest since 2003 when city authorities began publishing monthly figures.<\/p>\n\n\n\n

As for the upcoming gaming concession tender, MGM China said: “MGM will continue to unswervingly support the Macau government\u00a0<\/strong>to promote economic diversification, helping Macau further consolidate its position as a world centre of tourism and leisure as well as scale new heights for its economic development.”<\/p>\n\n\n\n

Authorities have announced that casino operators must submit their proposals before September 14<\/a>.<\/p>\n\n\n\n

MGM China said its total liquidity was about HK$10.7bn as of June 30, compared with HK$13.7bn at the same time last year. Parent company\u00a0MGM Resorts\u00a0<\/strong>reported consolidated net sales of US$3.26bn in the second quarter, an increase of 44 per cent over the same period last year. The US-based operator reported net income of US$1.78bn, compared with US$104.8m in the first three months.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM China has reported a negative EBITDA compared to a positive HK$45.7m in the first quarter.<\/p>\n","protected":false},"author":176,"featured_media":6857,"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 significant decline in Q2 2022 financial performance, with revenue dropping 46.4% quarter-on-quarter and adjusted EBITDA turning negative to HK$382.4m. This downturn is primarily attributed to severe COVID-19 outbreaks in mainland China and Macau, leading to stringent travel restrictions and a two-week casino closure in July, which drastically impacted visitation and GGR. The company maintains HK$10.7bn in liquidity while preparing for Macau's upcoming gaming concession tender.","focusai_entities":"MGM China, MGM Resorts","focusai_location":"Macau, China","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Concession Strategy","query":"What specific strategic adjustments is MGM China implementing to enhance its concession tender proposal, particularly concerning non-gaming diversification and capital expenditure commitments, given the current market contraction and regulatory shifts?"},{"label":"Liquidity & Market Outlook","query":"How does MGM China's current liquidity position of HK$10.7bn compare to its projected operational burn rate and potential capital requirements for the new concession period, especially if Macau's GGR recovery remains protracted and visitation restrictions persist?"}],"footnotes":""},"categories":[16338,163],"tags":[23906,1618],"class_list":["post-32347","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\/32347","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=32347"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32347\/revisions"}],"predecessor-version":[{"id":32380,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32347\/revisions\/32380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/6857"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}