MGM China reported net revenues of US$175 million (MOP1.4 billion) for the last quarter of 2022, down 44 per cent from USD315 million year on year, with the fall said to have resulted from a three-day property closure due to Covid, according to a filing to the Stock Exchange of Hong Kong this morning.
Meanwhile, the gaming company also recorded an adjusted property EBITDAR loss of US$55 million in the three months to 31 December 2022. In contrast, it stood at $5 million in the last quarter of 2021.
In July last year, all local casinos closed for 12 days, after Chief Executive Ho Iat Seng ordered that most of the city’s activities be suspended.
Besides, the Cotai property, MGM Cotai, was forced to suspend its hotel and gaming operations for three days at the end of last October, after a casino dealer was found to have contracted Covid.
When it comes to figures for the whole year, both the Macau and Cotai properties generated combined net revenues of US$674 million last year, down about 44 per cent compared to a year earlier when US$1.2 billion was recorded, with the adjusted property EBITDAR loss widening to US$203 million, versus 2021’s US$25 million.
Impacted by the Covid pandemic, the gaming company’s casino revenue stood at US$145 million last quarter, down 47 per cent from US$273 million compared to a year earlier.
A similar fall was also recorded in turnover at VIP table games, with US$980 million recorded, down 44 per cent from US$1.7 billion in 2021.
Parent company MGM Resorts also saw its net revenues drop 18 per cent year on year to US$3.6 billion.
The group said that it had continued to outperform the market despite its “market weakness”, with daily gaming revenue in 2022 accounting for 21 per cent of the 2019 level, higher than the market’s performance.
