MGM China is trading just a fraction above its 1 January level. The five other concessionaires’ share prices have dropped between 21 and 48 percent.
MGM China
Kenneth Feng, president and executive director, said the operator was excited about Macao’s continued recovery and diversification.
Macao’s six concessionaires have each been given a maximum number of operators they are allowed to work with, with Sands China and SJM allocated the most.
The company is awaiting government approval to add a whole new storey – a dedicated arts space – to its Cotai property.
Under its new gaming concession, MGM’s two integrated resorts were awarded almost 200 more gaming tables.
After comparing first-quarter results from all six concessionaires, a top consultant hails MGM for pulling off particularly impressive jumps in gaming revenue and earnings.
The concessionaire’s first quarter results add weight to analysts’ predictions that it will be the first casino operator in Macao to match or exceed its pre-Covid performance.
The company says its performance last year was attributable to the pandemic, but analysts say it will make a strong comeback in 2023.
MGM China is about to exceed pre-pandemic gaming revenues for this quarter, analysts say, while Wynn Macau is gaining significant market share.