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.
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SOURCE MGM China Holdings Limited