MGM China Reports 2019 First Quarter Financial Data

Adjusted EBITDA Up 27% Year-on-Year Continued to Grow Market Share Sequentially Extended Gaming Sub-Concession to 2022

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Apr 29, 2019, 18:34 ET

HONG KONG, April 29, 2019 /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, 2019.

In the first quarter, MGM China recorded total revenue of HK$5.8 billion, an increase of 24% from the same quarter last year.
MGM China saw adjusted EBITDA up by 27% year-on-year to HK$1.6 billion. Adjusted EBITDA margin for the quarter was 28.1% compared to 27.4% same period last year.
While the first-quarter Macau gross gaming revenue (GGR) remained flat as last year, MGM China saw its GGR up by 18% year-on-year. MGM China gained market share for the third consecutive quarter and reached approximately 9.4%, grew from approximately 7.8% a year ago.
For the quarter, the Group recorded growth across all gaming segments. Main floor table games win was HK$3.5 billion, an increase of 35% from a year ago, compares to an estimated growth of 10% for the Macau mass market GGR. Slot win increased by 12% to HK$537 million from last year. VIP table win was up 3% year-on-year to HK$2.7 billion, compares to an estimated decline of 12% for the Macau VIP market.
On a sequential basis, MGM China also outperformed the market. Our GGR was up 4% quarter-on-quarter while market was down by 3%. MGM China revenue was up by 7% and adjusted property EBITDA was up by 15% quarter-on-quarter.
By property, MGM MACAU achieved adjusted EBITDA of HK$1.1 billion with 13% sequential growth while MGM COTAI continued its ramp with 17% growth sequentially to HK$544 million in adjusted EBITDA in the first quarter.
During the quarter, MGM China had made a significant milestone with the extension of its gaming sub-concession to June 2022, which is now aligned with the market.
MGM COTAI has launched the much-anticipated villas at The Mansion in March this year. The lavish residential-style villas are Macau's first exquisite enclave for the most privileged guests, brining exclusive luxury to the next level.

Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: "The Mansion is a unique product to MGM as well as the market. We have been receiving very positive comments from our top customers and we continue to build the momentum across our properties.

"Along with the growth of our business, we are delighted to see our gaming sub-concession extended. We are grateful for the support of the Macau government and remain committed to the region's continued evolution into a global leisure and tourism destination."

About MGM China Holdings Limited

MGM China Holdings Limited (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/sub-concessions 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 MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles 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.

SOURCE MGM China Holdings Limited