MGM China Holdings has posted a HK$5.23 billion loss for 2022 attributable to owners of the company. The announcement was made in its annual results, released yesterday.
The figure is roughly 36 percent more than the HK$3.84 billion loss posted in 2021.
Operating revenue fell sharply from HK$9.41 billion in 2021 to HK$5.26 billion last year and is more than 75 percent lower than pre-pandemic levels, according to one estimate.
The company said the greater losses were “attributable to the continuing adverse impacts of the global Covid-19 pandemic including outbreaks of Covid-19 cases in Macau and neighbouring regions, which led to travel restrictions to Macau”.
However, it pointed out that the easing of travel restrictions led to “a significant increase in visitation with Macau gross gaming revenue for the month of January 2023 being increased 232.6% to HK$11.2 billion compared to prior month”.
MGM China is gaining significant market share in the first quarter of the year, according to a Morgan Stanley report, and could become the first of the territory’s six concessionaires to reach 100 percent of its pre-pandemic gaming revenue, or even exceed it.
The company’s mass market revenue at the end of March is estimated to be US$522 million – reportedly 101 percent of the total in 2019.