MGM China has reported net revenues of US$618 million – about 4.9 billion patacas – for the first quarter of the year.
In a regulatory filing, the gaming concessionaire said the figure was just 16 percent less than the total for the first quarter of 2019 – the last year before the Covid-19 pandemic hit. It also represents an increase of some 130 percent over the same period last year.
“The current quarter was positively affected by the removal of COVID-19 related travel restrictions”, MGM China said.
[See more: Covid-19 taught Macao’s casinos to keep s their costs down and they plan to keep it that way]
Earnings before interest, taxes, depreciation, amortisation, pre-opening and start-up expenses, property transactions, various rent expenses and income related to investments in real estate ventures (known as “adjusted Property EBITDAR”) stood at US$169 million in the current quarter – about 1.3 billion patacas.
The sum is just 12% less than the comparable figure in the first quarter of 2019 and compares to the loss of US$26 million – about 209 million patacas – recorded in the first quarter of last year.
According to a report in March by Morgan Stanley, MGM China is gaining significant market share and could become the first of Macao’s six concessionaires to reach 100 percent of its pre-pandemic gaming revenue, or even exceed it.
