MGM China said in a statement to the Hong Kong Stock Exchange Tuesday that its net revenue rose 3 percent year on year to US$2.0 billion (16 billion patacas) last year.
According to the statement, MGM China’s operating income last year was US$194 million compared to US$255 million in 2016.
The statement pointed out that last year’s operating income included US$87 million of pre-opening expense related to the MGM COTAI project compared to US28 million of pre-opening expense in 2016.
MGM China’s adjusted Ebitda was US$525 million last year, up 1 percent from 2016, the statement said.
MGM China’s controlling shareholder, MGM Resorts International, is listed on the New York Stock Exchange.
According to the statement, MGM Resorts International beneficially owns about 56 percent of the issued share capital of MGM China.
MGM COTAI opened on Tuesday last week.
“We believe MGM COTAI will drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau as it grows as a global tourism destination,” a statement by MGM China Holdings quoted the company CEO and executive director, Grant Bowie, as saying.
