MGM China releases fourth quarter results
The Asian casino operator ended 2016 on a high note.
US.- MGM China Holdings Limited released its financial results for the fourth quarter of 2016, where the company experienced a net revenue increase of US$1 million compared to the same period a year before.
The company explained that the operating income from September to December grew significantly with US$72 million registered after a US$1.4 billion deficit experienced over the same period in 2015. The fourth quarter EBITDA (earnings before interest, tax, depreciation and amortization) increased 5 percent year-on-year to US$138 million. Overall in 2016 MGM China experienced a 13 percent decline year-on-year to US1.9 billion, whilst VIP table games also decreased 25 percent to US$1.1 billion. Casino takings fell 15 percent to US$1.88 billion as well. On the other hand, main floor table games improved 1.7 percent to US$990 million.
“The group continues to respond to the current market conditions by focusing on profitability, actively managing the gaming floor and room yields and lowering the operating cost base. We are selectively allocating capital expenditure to enhance and refine MGM Macau and progress the development of our new MGM Cotai property,” said a statement from the company.
