Thursday, July 07, 2022

MGM China revenue up 19% in 2019, driven by non-VIP

MGM China Holdings Limited on Wednesday announced its 2019 financial results, with revenue up 19 percent year-on-year, driven by non-VIP gaming. 

Said revenue reached HK$22.8 billion. Adjusted EBITDA grew by 28 percent year-on-year, reaching HK$6.2 billion.

MGM said that 86 percent of its profit was driven by non-VIP businesses in the year.

Much of this growth was seen at its MGM Cotai property, with growth recorded across all business segments, while MGM Macau saw solid profit in the year - completing a seven-month renovation on the casino floor in October. 

We have seen encouraging initial results on mass performance and look forwards to further optimization on gaming floor,” said the company. 

Looking ahead, MGM said it will continue to target premium mass players to drive growth and profitability. 

On the topic of the coronavirus, MGM has confirmed that its hotels are now closed following a decision from the Macau government on Feb 5 to suspend operations of all casinos in the city. 

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "We are grateful for the decisive actions and leadership of the Macau government it takes to contain the coronavirus. MGM places high importance on the health and safety of our team members, guests, and all Macau citizens, and fighting against the epidemic is its current topmost priority. We will continue to work with the government and our MGM team as we are preparing for the recovery."

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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