{"id":33372,"date":"2022-09-09T03:26:22","date_gmt":"2022-09-09T06:26:22","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=33372"},"modified":"2026-04-23T05:03:27","modified_gmt":"2026-04-23T08:03:27","slug":"mgm-china-posts-net-loss-of-us306m-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/mgm-china-posts-net-loss-of-us306m-for-h1","title":{"rendered":"MGM China posts net loss of US$306m for H1"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Net revenues declined 33.4 per cent year-on-year from HK$4.13bn ($527m) to HK$2.75bn ($351m).<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Macau.-\u00a0<strong>MGM China<\/strong>\u00a0has shared its financial results for the first half of the year. It&#8217;s net loss widened by 39 per cent on a year-on-year basis to HK$2.4bn (US$306m). Net revenue, primarily casino revenues dropped 33.4 per cent\u00a0year-on-year from HK$4.13bn ($527m) to<strong> HK$2.75bn<\/strong> ($351m).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MGM China\u00a0said: &#8220;The Covid-19 pandemic continued to have significant impacts on our business, results of operations and financial condition during the reporting period. This is an unprecedented global public health crisis and we place high importance on the health and safety of our employees, guests and all Macau citizens as the fight against this pandemic continues.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company reported that outbreaks of Covid-19 cases in Macau and neighbouring regions affected visitation to Macau and trading volume across all operations at MGM Macau and MGM Cotai.\u00a0Total visitor arrivals in Macau decreased by 11.8 per cent and visitation from mainland China by 12.2 per cent for the six months ended June 30 when compared to the same period in 2021.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, MGM said it remains optimistic about the long-term growth of the Macau market due to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The financial investments made by gaming concessionaires and sub-concessionaires, including MGM Grand Paradise, opening new properties providing superior and diversified products to enhance the position of Macau as a world-class tourism centre;<\/li><li>Infrastructure improvements in Macau and the Greater Bay area, such as the opening of the Hong Kong-Zhuhai-Macau bridge; the expansion of the Macau Airport; the opening of Qingmao border and Hengqin border 24-hour checkpoints;\u00a0<\/li><li>the opening of Macau Light Rapid Transit (\u201cMacau LRT\u201d) System; the development of extension of Macau LRT route to Hengqin Island; the ongoing expansion of the China High Speed Rail routes to Zhuhai border gate from key cities in mainland China. All are expected to facilitate more convenient travel to Macau;<\/li><li>The development of <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/macau-casinos-licence-renewal-attached-to-hengqin-plans-analysts-say\" target=\"_blank\">Hengqin<\/a>\u00a0into a tourism island, which together with Macau has been designated as a key tourism hub by the Chinese Government;\u00a0<\/li><li>The continuous growth of mainland China outbound tourism, particularly in light of the growing middle class; and<\/li><li>The strong efforts to control the Covid-19 pandemic by the mainland China and Macau Governments.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/macau-h1-ggr-performance-at-lowest-since-2006\" target=\"_blank\">Macau\u2019s first-half revenue<\/a>\u00a0came in at its lowest since H1 2006. Revenue for the\u00a0<strong>first six months of 2022\u00a0<\/strong>was MOP26.27bn (US$3.26bn), down 46.4 per cent year-on-year and the weakest since the MOP25.75bn recorded for the first six months of 2006.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Net revenues declined 33.4 per cent year-on-year from HK$4.13bn ($527m) to HK$2.75bn ($351m).<\/p>\n","protected":false},"author":176,"featured_media":0,"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 H1 net revenue by 33.4% to HK$2.75bn and a widened net loss of HK$2.4bn, primarily attributed to the ongoing COVID-19 pandemic's impact on Macau visitation. Despite these challenges, the company maintains an optimistic long-term outlook for the Macau market, citing strategic investments, infrastructure enhancements, and regional tourism development initiatives. Macau's overall H1 revenue reached its lowest point since 2006.","focusai_entities":"MGM China, MGM Macau, MGM Cotai, MGM Grand Paradise, Chinese Government","focusai_location":"Macau, Hong Kong, Zhuhai, Hengqin Island, China, Greater Bay area","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Recovery Strategy","query":"What specific operational adjustments and market diversification strategies are MGM China and other concessionaires implementing to mitigate ongoing visitation volatility and accelerate GGR recovery in Macau?"},{"label":"Infrastructure Impact Analysis","query":"How are the projected benefits from the Greater Bay Area infrastructure improvements and Hengqin development being quantitatively factored into MGM China's long-term revenue forecasts and capital expenditure plans?"}],"footnotes":""},"categories":[16338,163],"tags":[1618],"class_list":["post-33372","post","type-post","status-publish","format-standard","hentry","category-east-asia-news","category-finance-news","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33372","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=33372"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33372\/revisions"}],"predecessor-version":[{"id":33397,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33372\/revisions\/33397"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}