MGM China reported some HK$367.2 million (US$47.4 million) in adjusted EBITDA in the last quarter of 2020, the gaming operator’s latest financial report indicates.
The results come after the gaming concessionaire registered some HK$274 million in negative results for the previous quarter.
“We are pleased to see MGM China turned profitable again driven by strong market share gains and continued cost mitigation efforts,” Hubert Wang, President & Chief Operating Officer of MGM China indicated.
“We expect the broader rate of business recovery will continue to be gradual, driven by the premium mass market which both MGM MACAU and MGM COTAI are well-positioned to capture”
MGM China recorded total revenues of approximately HK$2.4 billion in the fourth quarter, up by 550 per cent quarter-to-quarter, but still a 58 per cent decline from the same period last year.
For the full year, the gaming operator saw a 77 per cent year-on-year break in net revenues to some HK$657 million, with some HK$194 million in adjusted property EBITDAR losses.
MGM’s management noted that construction of additional suites at MGM COTAI is underway and is expected to be launched in mid-2021, with the property already conducting remodelling and refurbishment projects on both properties and additional food & beverage options on gaming floors.