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MGM China market share grows to 13.8% in third quarter

With total liquidity of HK$13.4 billion, casino operator stresses its healthy financial position, looks forward travel restrictions easing.

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With total liquidity of HK$13.4 billion, casino operator stresses its healthy financial position, looks forward travel restrictions easing.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 4:43 am

MGM China outperformed the market in the third quarter when its market share grew to 13.8 per cent, up from 11.2 per cent in the previous quarter, according to a company spokesman.

Announcing its third-quarter results, the US gaming operator said that it recorded a total revenue of HK$2.2 billion in the quarter, down by 7 per cent from the second quarter. Adjusted EBITDA was HK$101 million, down by 13 per cent sequentially.

The company underlined that it “maintained a healthy financial position” in the third quarter, with total liquidity of HK$13.4 billion, comprising cash, cash equivalent and its revolving line of credit.

MGM President Kenneth Feng Xiaofeng commented that the company “believes the pace of Macao’s recovery will continue to hinge on broader sentiment as well as the pace of vaccination roll-outs throughout the region, which will ultimately lead to sustainable easing of travel restrictions.”

MGM China operates two casino-hotel resorts in Macao – MGM Macau in NAPE and MGM Cotai.

 

UPDATED: 22 Dec 2023, 4:43 am

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