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MGM China records negative EBITDA of HK$100 million in Q1

Hong Kong-listed gaming operator MGM China reported today an adjusted negative EBITDA of HK$0.1 billion for the first quarter.

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UPDATED: 22 Dec 2023, 5:43 am

Hong Kong-listed gaming operator MGM China reported today an adjusted negative EBITDA of HK$100 million (US$12.9 million) for the first quarter.

The company made the announcement in a statement received by the Macau Post Daily.

According to the statement dated May 3, in the first quarter, MGM China recorded a total revenue of HK$2.1 billion. MGM China’s hotels reported an occupancy rate of 36 per cent.

“The first-quarter results were significantly impacted by the COVID-19 pandemic and we continue to be impacted today,” the statement said, adding that the mainland Chinese authorities implemented a temporary suspension of tour groups and its individual visit scheme for Macau in late January, followed by a 15-day shutdown of all casinos, between February 5 and 19, by the local government.

The statement noted that the company’s two casinos – MGM Macau and MGM Cotai – were reopened on February 20 with social distancing and other safety protocols in place.

The statement quoted Grant Bowie, CEO and executive director of MGM China, as saying that “the decisive actions and leadership of the Macau government have contained COVID-19 and shielded Macau from the worst effects.” Bowie also said, “We are preparing for recovery and [are] extremely positive about the prospects of the Macau gaming and hospitality market in the long term.”

(The Macau Post Daily/Macau News)
PHOTO © Booking.com

UPDATED: 22 Dec 2023, 5:43 am

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