MGM China reports $296m in revenue for Q1 2021

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MGM China reports $296m in revenue for Q1 2021

MGM China Holdings Limited has reported HK$2.29bn (US$296m) in revenue for Q1 2021.

It’s a 9% increase compared to the prior-year quarter with HK$2.1bn. Total Adjusted EBITDA was HK$84.4m, against the loss of HK$122.7m in 2020. According to the unaudited figures, MGM Macau brought in HK$1.3bn in revenue, while MGM Cotai earned HK$980.7m.

VIP table games turnover in MGM Macau was HK$10.4bn, compared to HK$15.8bn the previous year. VIP gross table games win stood at HK$369m. The main floor table games drop was HK$4.7bn and the slot machine handle was HK$3.5bn.

The room occupancy rate in the venue was 81%, almost double the 44% recorded for the same period in 2020. In MGM Cotai, VIP table games turnover was HK$8bn, main floor table games drop stood at HK$3.4bn, and slot machine handle was approximately HK$4bn. The room occupancy rate at Cotai was 47%.

Overall, net revenues for VIP table games for MGM China saw a 7% increase to $294m for Q1 2021. The company reported adjusted property EBITDAR of $5m compared to adjusted property EBITDAR loss of $22m in the prior-year quarter. MGM China’s main floor table games win increased 23% and VIP table games win decreased by 28%.

The company saw a slow recovery compared to Q4 2020, but the figures have yet to reach pre-Covid-19 levels. However, MGM China remains optimistic about the recovery of Macau’s market.

“MGM China is confident in Macau’s longer-term growth prospects and will continue to invest in strengthening our market position,” said Hubert Wang, president and COO of MGM China.

“We will continue our effort and strategy in diversification, along with our meaningful entertainment assets and niche in art and culture. We are committed to helping Macau to develop into a world tourism destination.”