Macau | MGM China revenues up 37 pct in Q3

MGM China Holdings Ltd has posted net revenues of HK$606 million (US$77.25 million) in the third quarter, a 37 pct increase when compared to the prior year quarter

Macau (MNA) – MGM China Holdings Limited has posted net revenues of HK$606 million (US$77.25 million) in the third quarter of the year, a 37 per cent increase when compared to the prior year quarter, the company announced on Wednesday in a filing with the Hong Kong Stock Exchange.

Total revenue of the company amounted to HK$4.75 billion.

In particular, MGM China noted that the current quarter benefited from the opening of MGM Cotai in February 2018, which contributed some HK$172 million of net revenues to the company.

Likewise, an increase of 7 per cent in Adjusted Property EBITDA to $130 million when compared to the prior year quarter was also attributed to the opening of MGM Cotai.

Operating income for the company amounted to HK$52 million compared to HK$38 million in the same quarter last year.

In terms of gaming performance, the company stated in its filing that main floor table games win increased 43 per cent during the three months ended September 30, 2018, also ‘due primarily to the opening of MGM Cotai.’

VIP table games win also increased, although at a lower rate of 11 per cent when compared to the same quarter last year quarter owing ‘primarily’ to an 8 per cent increase in VIP table games win at MGM Macau, totalling HK$65.22 million.

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