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MGM China’s Q3 revenue rises 22%

MGM China said in a statement to the Hong Kong Stock Exchange that its total revenue grew by 22% year-on-year to HK$5.8 billion.

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MGM China said in a statement to the Hong Kong Stock Exchange on Thursday that its total revenue grew by 22 per cent year-on-year to HK$5.8 billion.

According to the statement, the adjusted EBITDA margin improved to 26.8 per cent from 23.5 per cent a year ago.
The statement also said that MGM COTAI “continues to ramp [up] and improve efficiency”.

The statement pointed out that while Macau’s gaming market saw third-quarter gross gaming revenue (GGR) down by 4 per cent year-on-year, MGM China’s GGR was up by 25 per cent from a year ago.

MGM China, which owns two casino-hotel resorts, one in Nape and the other in Cotai, gained market share to around 9.9 per cent in the third quarter from 7.9 per cent last year, according to the statement.

In the third quarter, main floor table games win increased by 47 per cent year-on-year to HK$3.9 billion. VIP table games win rose by 4 per cent to HK$2.5 billion. Slot win rose by 3 per cent to HK$572 million.

The statement underlined that some 86 per cent of the company’s profit in the third quarter was generated by the non-VIP segment.

The statement quoted CEO-cum-Executive Director Grant Bowie as saying, “We embrace opportunities in the market, especially in the mass [-market] segment.” He underlined that the company supports the government’s vision to development Macau as a world centre of tourism and leisure.

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