MGM China’s total revenue dropped 25 per cent year-on-year to HK$3.6 billion in the first quarter, narrowed from the 31 per cent year-on-year decline in the previous quarter, the gaming operator said in a statement on Thursday.
According to the statement, adjusted EBITDA fell 23 per cent to HK$995 million. The company’s “business in the quarter was negatively affected by low hold in both mass table games and in-house VIP operations,” the statement said, adding that “luck-adjusted EBITDA for the quarter was HK$1.1 billion.”
The statement also said that MGM China’s main-floor business accounted for about 86 per cent of its EBITDA in the first quarter, “a trend that has been emerging for the last eight quarters”.
The statement added that Macau’s mass-market gross gaming revenue (GGR) “has shown improvement for three consecutive quarters, and we are seeing signs of stabilisation”.
The statement also said that MGM COTAI was slated to open in the first quarter of next year.
“MGM COTAI is a first-of-its-kind integrated resort with never-been-seen-before technology and entertainment offerings…,” the statement quoted Grant Bowie, MGM China’s CEO and executive director, as saying.