China – MGM’s loss reduces in Macau as revenues double year-on-year

MGM China stated that “Macau continued to see a choppy business environment during the [first half of the year] under the COVID-19 pandemic,” but that MGM China recorded total revenue of approximately HK$4.7 billion, nearly double the HK$2.4 billion recorded in the same period last year.

The Group recorded adjusted EBITDA of approximately HK$200.4m in the first half of 2021, compared to negative adjusted EBITDA of approximately HK$1bn previously. Overall occupancy was 61.5 percent, up from 19.8 percent in the same time period in 2020.

Meanwhile, market-wide GGR increased by 7% in the second quarter compared to the first. MGM China reported HK$2.4 billion in revenue for the three-month period, a 5% increase from the previous quarter. The Group’s adjusted property EBITDA was HK$116 million, up 37% from the first quarter.

According to the group, “China is the major source of Macau’s visitors, and the government has asked people to avoid traveling in the first two months of this year. The market began to stabilize in March. The momentum was increasing in April and a solid Golden Week in May supported by premium mass recovery. However, due to an outbreak in Guangdong that restricted travel again, business slowed again in June.”