MGM China Reports 2021 Third-Quarter Results

November 4, 2021 Earnings & Filings Industry Updates

MGM China Holdings Limited (“MGM China” or the “Company”; SEHK Stock Code: 2282) today announced selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the three months and nine months ended September 30, 2021.

Macau market saw a sequential decline materially on gross gaming revenue (GGR) during the third quarter of the year, reflecting the impact from the COVID-19 pandemic outbreak in Mainland China and Macau in August and September. Third quarter’s market-wide GGR was down 26% quarter-to-quarter to MOP18.8 billion, 26% of 19Q4 pre-pandemic levels, due to tight traffic controls and frequent border disruptions. Visitations in 21Q3 also fell 17% sequentially.

During the Period, MGM China outperformed the market with marketshare grew to approximately 13.8% in the third quarter, from 11.2% the previous quarter. Our daily GGR in the third quarter was 38% of 19Q4 pre-pandemic levels, compared to Macau market of 26%.

For the third quarter, MGM China recorded total revenue of approximately HK$2.2 billion, down by 7% from second quarter. Adjusted EBITDA was approximately HK$101 million, down by 13% sequentially. Overall occupancy rate was 50.9%, compared to 65.5% in the previous quarter.

On a property basis, MGM MACAU recorded revenue of approximately HK$1.2 billion in the third quarter (21Q2: HK$1.3 billion), and adjusted EBITDA of approximately HK$127 million (21Q2: HK$171 million). Occupancy was 71.3% (21Q2: 85.9%).