Adjusted EBITDA Increased 23% Year over Year
HONG KONG, April 27, 2017 /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, 2017.
- In the first quarter, MGM China recorded total revenue of HK$3.9 billion, an increase of 7% from the same quarter last year.
- Adjusted EBITDA was up by 23% from a year ago to HK$1.2 billion. Property EBITDA margin for the quarter grew 412 basis points year on year to 31.4%. Mass business accounted for over 80% of the profit for the Group during the quarter.
- The Macau gaming market has been growing since the second half of 2016. Quarterly gross gaming revenue (GGR) in Macau has accelerated year over year three quarters in a row. Macau GGR increased by 13% in first quarter to HK$61.6 billion from a year ago.
- For the quarter, the Group recorded main floor table games win of HK$2.2 billion, an increase of 17% from a year ago. This compares to an estimated growth of 12% year over year for Macau mass table GGR. VIP table win at MGM China was down 7% year from a year ago.
- Before Chinese New Year this year, MGM opened a new gaming area on the main floor as part of an overall remodeling project of MGM MACAU. The new gaming area not only offers premium mass players additional gaming tables, but also provides better connectivity and visibility on the gaming floor. Together with the launch of two new restaurants in late January, MGM MACAU recorded strong visitation of premium mass players during and after the Chinese New Year period.
- MGM MACAU occupancy rate was 94.3% for the quarter. We will continue the refurbishment on the main floor including the addition of retail outlets to further enhance our customer offerings.
- We are aggressively progressing on the construction at MGM COTAI with the exterior approaching completion and significant finish installation fit outs taking place on the interior. During the quarter MGM unveiled its golden lion at MGM COTAI, the first ever to be gilded in 24-carat gold and a shining beacon for all visitors and locals in Macau of what is to come.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "MGM MACAU continues to deliver strong results and our brand is well recognized for best in class service and product. We are pleased to see signs of stabilization in the Macau market as we prepare to launch our second resort, MGM COTAI in the second half of this year. MGM COTAI represents our company's expertise in entertainment and marries that with the cutting edge technology, which will deliver experiences never before seen."
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 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