Skip to content
Menu

MGM China revenue rises 26 pct in Q1

MGM China recorded total revenue of HK$4.7billion in the first quarter, a year-on-year growth of 26 percent, the US gaming company said in a statement Thursday.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 5:49 am

MGM China recorded total revenue of HK$4.7billion in the first quarter, a year-on-year growth of 26 percent, the US gaming company said in a statement Thursday.

The statement pointed out that while Macau’s overall gross gaming revenue (GGR) grew 20.5 percent to 76.5 billion patacas in the first quarter, MGM China saw its casino win up by about 24 percent.

Adjusted EBITDA was up by 4 percent from a year earlier to around HK$1.3 billion. Adjusted EBITDA margin was 27.4 percent.

The statement pointed out that MGM COTAI opened during the first quarter.

“With the opening of [our] second integrated resort in Macau, we are excited to see a substantial growth of our customer database,” the statement said, adding that daily new signups have exceeded 1,000 since MGM COTAI opened on February 13.

The statement also said that MGM MACAU in Nape “has experienced minimal cannibalisation after MGM COTAI opened.”

The statement quoted MGM China CEO and Executive Director Grant Bowie as saying that MGM COTAI “is totally unique and a real game changer for us as well as the market”.

MGM China stocks in Hong Kong at the end of trading Thursday were down 2.29 percent, at HK$21.35.

UPDATED: 22 Dec 2023, 5:49 am

Send this to a friend