MGM China Reports 2018 First Quarter Financial Data
Apr 26, 2018
MGM COTAI Opened in February Net Revenue Grew 26% Year on Year
HONG KONG, April 26, 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 ended March 31, 2018.
- In the first quarter, MGM China recorded total revenue of HK$4.7 billion, an increase of 26% from the same quarter last year.
- While the gross gaming revenue (GGR) of Macau gaming market grew approximately 21% year on year to HK$74 billion in the first quarter this year, MGM China saw its casino win up by approximately 24%. Adjusted EBITDA was up by 4% from a year ago to approximately HK$1.3 billion. Adjusted EBITDA margin for the quarter was 27.4%.
- For the quarter, the Group recorded main floor table games win of HK$2.6 billion, an increase of approximately 20% from a year ago. This compares to an estimated growth of 18% for Macau mass table GGR. Slot win at MGM China increased by approximately 41% from last year, compared to an estimated growth of 18% for the slot GGR in Macau. MGM China’s VIP table win was up approximately 26% compared to an estimated growth of 22% for VIP GGR in Macau.
- On February 13, we opened the doors of MGM COTAI 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.
- With the opening of second integrated resort in Macau, we are excited to see a substantial growth of our customer database. For the Quarter, daily new signups exceeded 1,000 since MGM COTAI opened. The new hotel also helped us in reactivating significant amount of lapsed customers.
- Meanwhile, we are experiencing robust business and traffic at MGM MACAU for the Quarter. The property has experienced minimal cannibalization after MGM COTAI opened. MGM MACAU Property EBITDA was HK$1.2 billion (17Q1: HK$1.2 billion) despite lower hold across gaming segments.
- As part of our multi-year remodeling of our main floor at MGM MACAU, we added five retail outlets during the Quarter bringing the total number of outlets to 22, further expanding our revenue base as well as non-gaming offerings for our customers.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “We are delighted to see another set of strong results of MGM MACAU, demonstrating continuous customer loyalty to quality product and uncompromised focus on impeccable execution.
“The opening of MGM COTAI represents a milestone. The beautiful property is totally unique and a real game changer for us as well as the market. We look forward to expanding and enhancing our offerings to provide spectacular experience for our guests, supporting 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.
For further enquiries, please contact:
MGM China Holdings Limited
Sidney Luk - Vice President of Investor Relations
Tel: (853) 8802 1886 / (852) 2587 8632