Total revenue for the period reached US$273million with an EBITDA loss of US$22million.<\/p>\n\n\n\n\n\n\n\n
Macau.- MGM China <\/strong><\/em>has published its financial results for the first quarter of the year, reporting a 63 per cent fall in revenues. <\/p>\n\n\n\n Total revenue for the period reached US$273million with an EBITDA loss of US$22million.<\/p>\n\n\n\n The operator attributed much of the decline to the two week closure of facilities in February and the ongoing Covid-19 border restrictions.<\/p>\n\n\n\n “While we focus to contain our costs, we are building scenarios and maintaining relationships with our customers,” Grant Bowie, Chief Executive Officer and Executive Director of MGM China, said.<\/p>\n\n\n\n “We are preparing for recovery and are extremely positive about the prospects of Macau gaming and hospitality market in the longer term”, <\/p>\n\n\n\n The wider MGM Resorts<\/strong><\/em> group also suffereddeclines during the period, with consolidated net revenue falling 29 per cent year on year to US$2.3billion. <\/p>\n\n\n\n All MGM properties in the United States were forced to close in mid-March with the organisation furloughing 63,000 employees.<\/p>\n\n\n\n Consolidated operating income increased to US$1.3 billion during the period but this was due to the sale of MGM Grand Las Vegas and Mandalay Bay. <\/p>\n\n\n\n Net income attributable to MGM Resorts came in at $807million for the three-month period.<\/p>\n\n\n\n Despite challenging times, MGM Resorts said it remained committed to growing its business in Asia and beyond. <\/p>\n\n\n\n “We\u2019re absolutely bullish on Japan in the long run. You\u2019re still in a zone of US$10billion investment, and the returns on that are to be determined once we get through all the regs,” Acting Chief Executive Officer and President, Bill Hornbuckle, said. <\/p>\n\n\n\n “Japan represents without a doubt, the chance to move the needle. I mean, we\u2019re talking about something that would generate EBITDA in the 20-odd per cent range to boost our company and put Asia at roughly a 50 per cent EBITDA percentage in terms of our total EBITDA. So, we\u2019re focused on that.”<\/p>\n","protected":false},"excerpt":{"rendered":" Total revenue for the period reached US$273million with an EBITDA loss of US$22million.<\/p>\n","protected":false},"author":2,"featured_media":3099,"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 63% revenue decline and an EBITDA loss for Q1, primarily due to COVID-19 related closures and border restrictions in Macau. Concurrently, parent company MGM Resorts saw consolidated net revenue fall 29%, though net income was bolstered by significant asset sales. Despite immediate challenges, both entities maintain a long-term positive outlook for Macau and express strong commitment to growth in Asia, particularly Japan's integrated resort market.","focusai_entities":"MGM China, MGM Resorts, Grant Bowie, Bill Hornbuckle, MGM Grand Las Vegas, Mandalay Bay","focusai_location":"Macau, United States, Japan, Asia, Las Vegas","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau recovery timeline?","query":"What specific operational metrics or regulatory changes does MGM China anticipate will signal a definitive recovery trajectory for the Macau gaming market, beyond current border restrictions?"},{"label":"Japan IR investment ROI?","query":"Given the US$10 billion investment and 20% EBITDA projection for Japan, what are the key regulatory and market penetration milestones MGM Resorts expects to achieve to validate this significant capital allocation?"}],"footnotes":""},"categories":[160,161,16338,163],"tags":[257,1618],"class_list":["post-6157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-daily-news","category-east-asia-news","category-finance-news","tag-macau","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6157","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=6157"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6157\/revisions"}],"predecessor-version":[{"id":777008744,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6157\/revisions\/777008744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/3099"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=6157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=6157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=6157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}