MGM China Posts 2018 Third Quarter Financial Data
Oct 31, 2018
Revenue up 38% Year-on-Year Focus on Ramping Up MGM COTAI
HONG KONG, Oct. 30, 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 September 30, 2018 (the "Period").
During the Period, MGM China recorded total revenue of approximately HK$4.8 billion, an increase of 38% year-on-year. Adjusted EBITDA was approximately HK$1.1 billion, compared with HK$1.0 billion a year ago.
Main floor table games drop was up 46% to approximately HK$14.8 billion while table games win increased 43% to approximately HK$2.7 billion from a year ago. Slot handle increased 96% to approximately HK$15.2 billion while slot win was up 54% to approximately HK$555.9 million.
VIP table games turnover was up 15% against last year to approximately HK$73.9 billion, and win rose 11% to approximately HK$2.4 billion.
MGM MACAU recorded sequentially growth across all gaming segments. Main floor table games win was up 3%, slot win increased by 2% and VIP table games win grew by 33% from the previous quarter. Occupancy rate of hotel rooms reached 96.3%.
MGM COTAI continued to ramp since the property opened in February. All gaming segments recorded sequential growth in volume albeit all at lower hold. During the Period, junket operation at MGM COTAI has officially commenced with two VIP rooms opened in September. The rooms were well received and we look forward to further expanding our presence in this segment.
For the Period, MGM COTAI recorded an adjusted property EBITDA of approximately HK$130 million. Hotel room occupancy grew to 90.1%.
We are focusing on further ramping up on Cotai. President's Club, an exclusive premium mass gaming area, is expected to launch later this year. We are also very excited about the launch of Mansion villas in early 2019 which aims to provide one-of-the-kind offerings for our high-quality customers.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "Earlier this month we celebrated the launch of Hong Kong-Zhuhai-Macau Bridge. The infrastructure projects will allow people to move more freely, easily and quickly in the region. We believe the connectivity together with the integration of Greater Bay Area are significant for Macau to develop as a global tourism city.
"At MGM, we are excited to see a substantial growth of customer database since we opened the second integrated resort in Macau. We look forward to maximize the opportunities to drive profitability and efficiency. We will continue to focus on investing in our properties, and offering unique MGM experiences for our customers."
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