HONG KONG, May 5, 2016 /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, 2016.
- In the first quarter, MGM China recorded total revenue of HK$3.6 billion, a decrease of 25% from a year ago, narrowed from the 31% year-on-year decline in the quarter in prior.
- Adjusted EBITDA was HK$995 million, down 23% from a year ago. Our business in the quarter was negatively affected by low hold in both mass table games and in-house VIP operations. Luck-adjusted EBITDA for the quarter was HK$1.1 billion.
- Property EBITDA margin for the quarter grew 100 basis points to 27.3% year on year. While we have seen some revenue volatility we have been driving improvement in our operating margins, as our cost management and business reengineering efforts continue to deliver as well as more of our revenue is generated from the mass segment. Our main floor business accounted for approximately 86% of our EBITDA in the first quarter, a trend that has been emerging for the last eight quarters.
- We are monitoring the market and are encouraged by the trends in the mass space. Macau mass GGR has shown improvement for three consecutive quarters now, and we are seeing signs of stabilization. Our market share in mass segment has been largely stable. Our mass table games theoretical win in the first quarter was the highest we have achieved in the past five quarters. We continue to focus on player acquisition and retention of players, while we also aim at increasing share of wallet.
- At MGM MACAU, we are pleased to announce that we have brought back our popular Butterfly Garden in the MGM Grande Praça and in the MGM Art Space have an exhibition of 74 Sculptures from the collection Edgar Degas: Figures in Motion as we continue to invest in diversification and driving Macau as an international tourism and leisure destination.
- Construction is progressing at MGM COTAI, with expectations that major building's works will be completed by the end of the year. We are confident our resort design and product offerings will provide us a unique competitive advantage in the non-gaming entertainment market.
- Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "We are excited to finally see our new resort becoming a reality. MGM COTAI is a first of its kind integrated resort with never been seen before technology and entertainment offerings and we believe it will be very well received by the market. With the expansion of room base, we intend to continue targeting quality customers who spend longer periods of time at our property. We remain focused on bringing a world class offering to the market in the first quarter of 2017."
About MGM China Holdings Limited
MGM China (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 is developing a second resort, MGM COTAI which is expected to more than double our presence in the world's largest gaming market, 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