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MGM China Reports 2018 Interim Results

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MGM China Reports 2018 Interim Results

PR Newswire

MGM COTAI Opened in February  Net Revenue Grew 30% Year on Year

HONG KONG, Aug. 2, 2018 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months and six months ended June 30, 2018.

  • During the six-month period, MGM China recorded total revenue of HK$9.1 billion, an increase of 30% year-on-year. Adjusted EBITDA was HK$2.3 billion, compared with $2.2 billion a year ago.
  • Main floor table games win for the Group during the six-month period increased 31% year-on-year to HK$5.2 billion and slot win increased 65% to HK$1.1 billion. VIP table games win was up 11% to HK$4.5 billion.
  • MGM MACAU saw main floor table games win down 8% to HK$3.7 billion (2017: $4.0 billion) on a lower hold of 17.9% (2017: 20.8%). Slot win increased by 16% to HK$759 million. VIP table games win grew by 7% to HK$4.3 billion (2017: HK$4.0 billion) on hold of 2.8% (2017: 3.2%). Occupancy rate of hotel rooms reached 97.0% (2017: 95.4%).
  • We opened the doors of MGM COTAI in February showcasing MGM's one-of-a-kind entertainment experiences. MGM COTAI is a HK$27 billion integrated resort that leverages innovation and artistry, allowing our guests to create extraordinary moments during their stay and supporting the development of Macau as a global tourism destination.
  • For the six-month period, MGM COTAI recorded a property EBITDA of approximately $261 million. Hotel room occupancy was 88.6%.
  • For the second quarter, MGM COTAI mass table games win per day was up 12% from the first quarter; while slot win per day had sequential growth of 27%. Food & Beverage daily covers had a 9% quarter-and-quarter increase.
  • Since February opening, we are getting the volume and seeing the momentum at MGM COTAI. We believe the launch of the theatre show "Destiny" and opening of new facilities later this year will further ramp up the business.
  • Junket rooms are expected to commence operation before Golden Week this year, followed by the opening of the Mansion, our high-end villa, as well as President's Club, an ultimate exclusive gaming area for our premium mass customers.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "With the opening of our second integrated resort in Macau, we are excited to see a growth of our customer database and the ramping up of MGM COTAI.

"We focus on investing in our properties, and offering unique MGM experiences for our customers. We continue to support our government's vision to drive global tourism demand in Macau."

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. 

MGM China is majority owned by MGM Resorts International (NYSE:MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

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SOURCE MGM China Holdings Limited

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