Zona de Azar China – MGM China Enjoys 24 % Increase in Macau GGR
China.- May 2nd 2019 www.zonadeazar.com A strong quarter saw MGM China post revenue of HK$5.8bn, an increase of 24 per cent from the same quarter last year, for the three months ended March 31, 2019.
MGM China saw adjusted EBITDA up by 27 per cent year-on-year to HK$1.6bn. Adjusted EBITDA margin for the quarter was 28.1 per cent compared to 27.4 per cent same period last year.
While the first-quarter Macau gross gaming revenue (GGR) remained flat as last year, MGM China saw its GGR up by 18 per cent year-on-year. MGM China gained market share for the third consecutive quarter and reached approximately 9.4 per cent, grew from approximately 7.8 per cent a year ago.
For the quarter, the group recorded growth across all gaming segments. Main floor table games win was HK$3.5bn, an increase of 35 per cent from a year ago, compares to an estimated growth of 10 per cent for the Macau mass market GGR. Slot win increased by 12 per cent to HK$537m from last year. VIP table win was up three per cent year-on-year to HK$2.7bn, compares to an estimated decline of 12 per cent for the Macau VIP market.
On a sequential basis, MGM China also outperformed the market. Its GGR was up four per cent quarter-on-quarter while market was down by three per cent. MGM China revenue was up by seven per cent and adjusted property EBITDA was up by 15% quarter-on-quarter.
MGM China
By property, MGM Macau achieved adjusted EBITDA of HK$1.1bn with 13 per cent sequential growth while MGM Cotai continued its ramp with 17 per cent growth sequentially to HK$544m in adjusted EBITDA in the first quarter.
During the quarter, MGM China had made a significant milestone with the extension of its gaming sub-concession to June 2022, which is now aligned with the market.
MGM Cotai meanwhile has launched the much-anticipated villas at The Mansion in March this year. The lavish residential-style villas are Macau’s first exquisite enclave for the most privileged guests, brining exclusive luxury to the next level.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “The Mansion is a unique product to MGM as well as the market. We have been receiving very positive comments from our top customers and we continue to build the momentum across our properties. Along with the growth of our business, we are delighted to see our gaming sub-concession extended. We are grateful for the support of the Macau government and remain committed to the region’s continued evolution into a global leisure and tourism destination.”
Editó: Prensa Zona de Azar www.zonadeazar.com
