Credits: Macau Casinos
Reports on MGM China’s operations during the fourth quarter of 2017 reveal positive results.
Macau.- MGM China operators have this week revealed 2017’s fourth quarter results on Macau casinos revenue. According to the document, the company’s revenue over the last months of 2017 grew 10 per cent, with net revenues of US$549 million. Meanwhile, revenue from main floor table games was up 21 per cent.
Table games results were boosted by a 10 per cent increase in volume and a gain in table hold to 21 per cent – up from 19 per cent in the same period a year earlier. However, the company also revealed that VIP revenue fell 5 per cent (even though turnover was up 23 per cent) as the hold fell to 3.1 per cent from 3.7 per cent in 2016.
“We look forward to another rewarding year in 2018,” Chairman and CEO Jim Murren said in a statement. “MGM Cotai, Macau’s most technologically-advanced resort opened its doors last week. This year, we will also welcome MGM Springfield in the third quarter, the completion of Park MGM and NoMad by the end of the year, and celebrate many more new and creative ways to entertain our guests at our destinations worldwide.”
The official document also showed that operating income was US$43 million compared to US$72 million in the previous year’s same quarter, while adjusted EBITDA gained 7 per cent to US$147 million. 2018’s operations will be boosted by the opening of luxurious MGM Cotai, which began operations on February 13.
“We are reinventing the integrated resort of today,” said MGM China CEO, Grant Bowie, “What we recognize globally is the transformation of people’s life to the digital platform. At MGM Cotai we are creating a space that our guests can actively participate and experience the content we offer. We believe MGM Cotai will drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau as it grows as a global tourism destination.”