To approximately USD 1.4 B

MGM China revenue grows by 25 percent YoY

According to the company's 2019 interim results, MGM Cotai has continued to ramp up since the property opened in February 2018
2019-07-29
Reading time 1:51 min
During the six-month period ended June 30, 2019, the company’s total revenue increased by 25% year-on-year, while adjusted EBITDA was also up, (33% year-on-year) to approximately HK$3.1 billion (USD 396 M).

MGM China Holdings Limited announced last week the selected unaudited financial data of the company and its subsidiaries for the three months and six months ended June 30, 2019.

During the six-month period, MGM China saw adjusted EBITDA up 33% year-on-year to approximately HK$3.1 billion. Total revenue grew by 25% year-on-year to approximately HK$11.3 billion. Adjusted EBITDA margin improved to 27.2% from 25.4% a year ago. Overall occupancy reached 93.3% (2018: 91.9%).

While the second-quarter Macau gross gaming revenue (GGR) remained flat as last year, MGM China saw its GGR up by 26% year-on-year. MGM China gained market share to approximately 9.2% in the second quarter from 7.3% a year ago.

During the six-month period, main floor table games win for the Group increased 36% year-on-year to approximately HK$7.1 billion with win percentage of 22.4% (2018: 18.2%). Slot win was up 2% to approximately HK$1.1 billion with 3.1% hold (2018: 4.2%). VIP table games win was up 11% to approximately HK$4.9 billion with 3.0% win percentage (2018: 2.8%).

MGM COTAI continues to ramp up since the property opened in February 2018. For the six-month period, MGM COTAI recorded adjusted EBITDA of approximately HK$1.0 billion (2018: HK$261 million). Main floor table games win was up 97% year-on-year to approximately HK$3.1 billion. Slot win was up 54% to HK$493 million. VIP table games win was up 1216% to approximately HK$1.8 billion.

Meanwhile, MGM MACAU recorded adjusted EBITDA of approximately of HK$2.0 billion (2018: HK$2.0 billion) for the six-month period. Main floor table games win up 9% to approximately HK$4.0 billion (2018: HK$3.7 billion). Slot win was approximately HK$604 million (2018: HK$759 million). VIP table games win was approximately HK$3.1 billion (2018: HK$4.3 billion).

For the second quarter, MGM China saw adjusted EBITDA up 41% year-on-year to approximately HK$1.5 billion. Total revenue grew 26% to approximately HK$5.5 billion. Adjusted EBITDA margin reached 26.3%.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "We are excited to see the ramping up of MGM COTAI. The recent opening of The Mansion offers exclusive luxury to the next level and helps us better positioned in the premium segment.

"We are also delighted and grateful to have our gaming sub-concession extended to 2022, which is a significant milestone and allows us to further commit and develop in Macau. We continue investing in our properties offering unique MGM experiences for our customers and supporting our government's vision to develop Macau as the World Center of Tourism and Leisure."

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