MGM China reports 10% increase in quarterly net revenues

Comparing the third quarter of this year to the corresponding period of the previous year, MGM China Holdings Ltd. disclosed net sales amounting to US$812.5 million.

A 12.2% increase over Q3 results and a 7.9% increase from the previous quarter contributed to the company’s adjusted EBITDA growth to HKD1.89 billion (US$243.1 million) in the third quarter of 2019. According to the data, there was a 10% surge compared to the third quarter of 2019 pre-pandemic. Despite a marginal decrease in the region’s adjusted EBITDA margin from the previous quarter to 29.6%, MGM China is pleased with Macau’s robust recovery since the start of the year, which has surpassed the growth and recovery of the industry in 2019.

Third-quarter revenue for MGM Macau increased by 14.2% to HKD2.87 billion from HKD2.58 billion in the prior quarter, accompanied by an adjusted EBITDA of HKD880.5 million. A marginal increase occurred in the EBITDA margin to 30.6%. Sales at MGM Cotai increased from HKD3.23 billion in Q2 to HKD3.48 billion in Q3. Compared to the previous quarter, the adjusted EBITDA increased by nearly 3 percent to HKD1 billion. Although the complex achieved its first-ever sales exceeding HKD1 billion, its adjusted EBITDA margin declined only marginally to 28.8%.

As of September 30th, MGM China possesses an estimated total liquidity of HKD18.2 billion, an indication of its financially sound standing. The increasing diversity and revitalization of Macau invigorate Kenneth Feng, the President and Executive Director of MGM China. Enhancements made to the gaming floor by the organization are intended to increase table yield and draw in a greater number of outside guests. MGM China is performing well despite the challenges confronting the Chinese macromarket as a whole; the company set an EBITDA record in October.

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Original story by: GGRAsia