MGM China Posts 2017 Interim Results
Jul 27, 2017
First-Half Adjusted EBITDA Grew 11% EBITDA Margin Improved to 30%
HONG KONG, July 27, 2017 /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, 2017.
- During the six-month period, MGM China recorded total revenue of HK$7.4 billion, an increase of 3% year-on-year. Adjusted EBITDA was HK$2.2 billion, an increase of 11% from last year.
- Main floor table games win during the six-month period increased 7% year-on-year and slot win increased 4%. VIP table games win was down 5%. Hotel rooms at MGM MACAU achieved an occupancy rate of 95.4% during the period with revenue per available room (REVPAR) of HK$2,004. We see an uptick in foot traffic as we move into summer.
- Property EBITDA margin at MGM China improved by 190 basis points year over year to 30.3% as a result of business mix and operating efficiency. Approximately 80% of MGM China's profit was contributed by the mass segment.
- MGM MACAU continues to invest and focus on diversification. During the first half of 2017 we launched two new dining concepts at Square Eight, North and South, focusing on authentic regional Chinese cuisines. We opened the exhibition A Golden Way of Life - Tres'Ors, our 21st first-of-its-kind art exhibition at the MGM Art Space. We also launched M life, our new resort membership program to build rewarding relationships with our customers.
- At MGM COTAI we remain on track for a fourth quarter opening of the HK$26 billion integrated resort. So far this year we have unveiled our 24-karat gold shimmering lion at the northeast entrance of the property. We announced our dining program for the resort which includes four celebrity chefs with two of whom are ranked in the top 10 best restaurants in the world by Pellegrino rankings, including Mauro Colagreco, Mitsuharu Tsumura, Janice Wong, and Graham Elliot along with a collection of regional Chinese specialty restaurants that will offer something for everyone. We also announced our meeting rooms and accommodation offerings which include the famous Skylofts and Mansion, which for the first time will expand beyond Las Vegas.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "We are highly focused on the launch of MGM COTAI during the fourth quarter of this year. This HK$26 billion integrated resort will bring the future of entertainment to Macau today. With innovation throughout every customer offering, we are certain that MGM COTAI supports Macau as a global tourism destination."
About MGM China Holdings Limited
MGM China (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 is developing a second resort, MGM COTAI which is expected to more than double our presence in the world's largest gaming market, 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.
For further enquiries, please contact:
MGM China Holdings Limited
Sidney Luk - Vice President of Investor Relations
Tel: (853) 8802 1886 / (852) 2587 8632